The following is a summary of some estate planning developments and opportunities that may be of interest to you. We hope you find this helpful and look forward to hearing from you with any questions.

The New Tax Law—Current Status

As we go to press, the new tax law has been passed by both the House and Senate and awaits the President's signature. Assuming it is signed, the bill would double the gift and estate tax exemption, effective for decedents dying in, and gifts made in, the years 2018 through 2025. Read more.

Inflation Adjustments

Each year, certain estate, gift and GST tax figures are subject to inflation adjustments. For 2018, the annual exclusion amount for gifts increases to $15,000. Read more.

Digital Assets and Your Estate Plan

E-mail accounts, digital photographs and videos, music and e-books purchased online, PayPal and eBay accounts, Facebook, LinkedIn, and Twitter. These are all examples of digital assets, and at this point we all have them. Digital assets are essentially information – such as text, images, photos, videos, sounds – that is stored electronically. Read more.

Estate Planning for Art

According to press reports, Leonardo da Vinci's "Salvator Mundi" became the most expensive artwork ever sold at auction, going for $450.3 million last month. The general consensus is that this was the highest price ever paid for a work of art. However, the art market is one of the most opaque markets in the world, with many transactions taking place in private. We have no way of knowing of any undisclosed private sale for a price that exceeded this one. Read more.

Is Your Florida Home a Homestead?

Florida's homestead laws provide some of the most generous benefits in any state. For your Florida home to qualify as your homestead, you and your home must meet several requirements. Read more.

Connecticut Increases Its Estate and Gift Tax Exemptions

On October 31, Governor Malloy signed into law changes to the Connecticut estate and gift tax. This legislation reduces estate and gift taxes in several ways. Read more

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.