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…
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