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

02/15/2022

Co-Executors Removed

In Galiotos v. Galiotos, the Supreme Court of Virginia held that the trial court properly removed two brothers as co-executors…

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02/21/2022

IRS Announces Inflation Adjusted Figures

On November 29, 2021, the IRS issued Revenue Procedure 2021-45, providing inflation-adjustments for various provisions of the Internal Revenue Code. …

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02/01/2022

Trustees Can Challenge Revocation of Trust

On April 1, 2021, the Supreme Court of Virginia ruled in Plofchan v. Plofchan that the agent under a power…

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