02/28/2022
General Assembly Adopts New Income and Principal Act
On February 21, 2022, the Virginia General Assembly completed passage of HB 370 which adopts the Uniform Fiduciary Income and…
On November 29, 2021, the IRS issued Revenue Procedure 2021-45, providing inflation-adjustments for various provisions of the Internal Revenue Code. Those affecting trust and estate planning and administration are as follows:
- The estate and gift tax basic exclusion amount is $12,060,000 (increased from $11,700,000)
- The generation-skipping transfer tax exemption is $12,060,000 (increased from $11,700,000)
- The annual exclusion for gift tax is $16,000 (increased from $15,000)
- The income tax rates for trusts and estates are:
- 10% for income not over $2,750
- 24% for income more than $2,750 but not over $9,850
- 35% for income over $9,850 but not over $13,450
- 37% for income in excess of $13,450