As we start 2023, the steadiness of energy has shifted in Congress, which might impression the potential of new laws affecting property planning. As James I. Dougherty factors out in his article “Previewing and Prognosticating Potential 2023 Treasury Rules,” p. 18, based mostly on the November 2022 election outcomes, attributable to this transformation in energy, “it’s much less doubtless that any substantial tax laws that will have a bearing on trusts and estates will make it to President Biden’s desk when in comparison with the primary two years of his administration.”
So what can we count on in 2023? It may be laborious to foretell the longer term, however this month, the articles in our Particular Report: Ahead Considering try to offer some insights into what’s across the nook. For instance, James’ article goes on to summarize among the most related regulatory tasks which might be within the works so property planners can put together for them. And in “A Change is Gonna Come,” p. 14, Louis S. Harrison advises that grantor retained annuity trusts and gross sales to grantor trusts can be your two new greatest associates.
Household workplaces and companies additionally will face some challenges in 2023. In “Themes for Household Companies in 2023,” p. 28, Patricia M. Angus predicts that enterprise homeowners might want to take care of uncertainty and digitalization, amongst different challenges. And in “New Instructions and Challenges for the Single Household Workplace,” p. 22, Kathryn M. McCarthy explains why there can be a concentrate on expertise administration, tradition and studying.
Guesswork isn’t required for the Company Transparency Act, which can take impact beginning Jan. 1, 2024. It’s necessary that property planners start understanding the Act’s necessities, and Stephen Liss outlines the brand new necessities in “The Company Transparency Act: Our New Regular,” p. 8.
I’ll additionally exit on a limb and predict (barring any unexpected circumstances or canceled flights) that I’ll be current on the Heckerling convention in Orlando, Fla. in January. Trusts & Estates can have a sales space, so please cease by and say hiya for those who’re there.