Insights

Foreign Gifts and Foreign Trusts: Proposed Regulations

On May 8, 2024, Treasury published proposed regulations that may affect U.S. taxpayers who receive gifts from abroad, have set up a foreign trust, or are beneficiaries of foreign trusts.

Marc Bloostein and Renat Lumpau Speaking at MCLE Estate Planning Conference

Renat Lumpau and Marc Bloostein are speaking at the Massachusetts Continuing Legal Education, Inc. (MCLE) New England's 25th Annual Estate Planning Conference on Tuesday, April 23rd.

Corporate Transparency Act:
LLCs and Other Entities Required to Report Ownership and Control Information to the Federal Government, Deadlines Vary

The new federal disclosure requirements under the Corporate Transparency Act (“CTA”) will come into effect on January 1, 2024, although only certain entities (those formed in 2024) will need to report next year.  For entities formed before 2024, the deadline for reporting will be later, on January 1, 2025.

IRS Releases Annual Inflation Adjustments for Tax Year 2024

The Internal Revenue Service recently released annual inflation adjustments for 2024. They include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions and annual gift tax exclusions, increased retirement account limits, and new income tax brackets.

Massachusetts Tax Relief Bill Signed Into Law

On October 4, 2023, Governor Maura Healey signed into law “An Act to improve the Commonwealth’s competitiveness, affordability, and equity.”  The Act makes key tax changes to the Massachusetts estate tax and short-term capital gains, and closes the "millionaires tax" loophole for married couples, in addition to other provisions.

Choate Private Wealth Practice Recognized in Chambers High Net Worth 2023

Choate is ranked as a Band 1 Massachusetts Private Wealth Law practice in the 2023 edition of Chambers High Net Worth (HNW), along with nine partners receiving local and national rankings.

Choate Welcomes Eighteen Attorneys and Business Professionals to Wealth Management Group

Today, Choate welcomes a comprehensive team of eighteen attorneys and business professionals to our Wealth Management Group. The team is led by partners Marc J. Bloostein, Cameron Casey, Kimberly E. Cohen, Jennifer S. Ewing and Geoffrey M. Mason.