Preservation | Family Wealth Protection & Planning

The Internal Revenue Service recently published its annual inflation-adjusted figures for 2020 for estate and trust income tax brackets, as well as the exemption amounts for estate, gift and generation-skipping transfer (GST) taxes. These figures are adjusted annually for cost-of-living increases.

Below is a summary of the 2020 figures. The original news release from the IRS may be found here.

Each year, Greensfelder hosts a fall Estate Planning Symposium that addresses recent developments in estate planning. At the 2019 symposium, Trusts & Estates attorney Keith Herman presented on recent developments in asset protection.

As a follow-up to Keith’s presentation, we are pleased to present a three-part blog series that touches upon the lessons learned from several recent case law developments that impact asset protection planning. The topics include the importance of timing when protecting assets from creditors, when to name an irrevocable trust as beneficiary of an IRA or other retirement account, and why using trusts for divorce protection may not be enough.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for December 2019. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Here are the rates for December 2019: