Publications

Kamala Harris Endorses American Housing and Economic Mobility Act Tax Proposals
Capital Gains, Estate Planning, Tax Planning Matthew Erskine Capital Gains, Estate Planning, Tax Planning Matthew Erskine

Kamala Harris Endorses American Housing and Economic Mobility Act Tax Proposals

In a significant development, the Kamela Harris presidential campaign has announced its endorsement of the estate tax reforms outlined in the American Housing and Economic Mobility Act of 2024. This support from the Harris campaign is expected to galvanize broader Democratic backing for the bill, potentially enhancing its chances of passage. By aligning with these tax proposals, the Harris campaign is positioning itself as a champion of economic justice and housing affordability—key issues in the upcoming election.

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The Coming Storm
Taxes, Tax Planning, Trusts, CRAT, GRAT Matthew Erskine Taxes, Tax Planning, Trusts, CRAT, GRAT Matthew Erskine

The Coming Storm

Yesterday, May 20, 2021, Senator Bernie Sanders (I-VT) introduced S. 994, the "For the 99.5 Percent Act," to "reinstate estate and generation-skipping taxes, and for other purposes.". This Act amends the Internal Revenue Code by increasing the gift and estate tax rates from 40% to a high of 65% and decreasing over the basic exclusion amount from $10 million, adjusted for inflation to now over $11.7 million, to $3.5 million with no adjustment for inflation .

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The Art Of Managing A Collection

The Art Of Managing A Collection

Management of artwork and other collectibles can be simplified by aggregating assets based on: 1.) the role that the owner plays for income tax purposes; 2.) the owner’s goals in life and at death. To manage collections effectively, we need perceptive market analysis with the ability to sort significant trends from fads, we need detailed expertise with income and estate taxes peculiar to tangible assets, and last but not least, we need to be sensitive to the feelings and emotions peculiar to the collector and heirs.

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For The 99.5 Percent Act - What It Is, What It Does And What To Do About It.
Trusts, GRAT, Tax Planning, Estate Planning Matthew Erskine Trusts, GRAT, Tax Planning, Estate Planning Matthew Erskine

For The 99.5 Percent Act - What It Is, What It Does And What To Do About It.

On March 25, 2021, Senator Bernie Sanders (I-VT) and Senator Sheldon Whitehouse (D-RI) introduced the “FOR THE 99.5 PERCENT ACT” which will dramatically and historically change estate planning by reducing the federal estate and gift tax credits, increasing estate, gift, and GST tax rates and including assets in certain trusts that are not now includible in estates. The changes would be effective for decedents dying and gifts made on or after December 31, 2021. Planning: This is a “use-it-or-lose-it-now” provision which means that your $11,700,000 exemption can be passed either by dying or by making gifts. Transfers must take place before the effective date of these changes. The following is a summary of the changes

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