The “One Big Beautiful Bill Act,” (OBBBA) which President Trump signed into law on July 4, 2025, enacts an increase in the federal estate and gift tax exemption. Background The federal estate and gift tax exemption is the total amount…
Read MoreThe federal estate and gift tax exemption is scheduled to decrease from the current amount of $13.99 million per person to approximately $7 million per person. Without action by Congress, this change will take effect on January 1, 2026. Background…
Read MoreIf you are interested in making charitable contributions without the complexity of establishing a private foundation or a charitable trust, you may consider giving through a donor-advised fund (DAF). What is a Donor Advised Fund? Essentially, a DAF is an…
Read MoreIn Estate of Purdue, T.C. Memo. 2015-249, the United States Tax Court denied an IRS attempt to disregard lifetime estate planning implemented by Barbara and Robert Purdue (the “Purdues”). MPBA attorneys, primarily Alan L. Montgomery and George W. Akers, advised Mr. and Mrs. Purdue…
Read MoreThe IRS recently published Rev. Proc. 2014-61, which announces the annual inflation adjustments for certain federal tax provisions for 2015. Among many other adjustments, the federal estate, gift and generation-skipping transfer tax exemption was increased from $5.34 million to $5.43…
Read MoreHow have federal income tax laws changed recently? While the 2012 Tax Act did not change income tax rates for most taxpayers, those individuals with incomes over $400,000 and married couples filing jointly with incomes over $450,000 are now subject…
Read MoreIn the recent decision Estate of James A. Elkins, Jr. v. Comm’r, the Fifth Circuit Court of Appeals ruled that artwork owned by an estate was entitled to a significant 45% valuation discount, resulting in an over $14 million estate…
Read More
