High Net Worth Family Tax Report, Vol. 17 Issue 2

Welcome back to Loeb & Loeb’s High Net Worth Family Tax Report, bringing you in-depth articles highlighting important topics and providing practical insights for high net worth individuals, with a focus on trusts and estates, tax, family offices, and tax-exempt organizations. 

In this issue:

2024 Year-End Planning—Last-Minute Checklist. As a new year approaches, associate Anna Glorioso and senior counsel Jennifer M. Smith provide a checklist of year-end action items and a summary of 2025 inflation adjustments, which individuals may want to review as part of their tax planning for the remainder of this year and into the next. 

The Life Cycle of Art Ownership. Partner Diana Wierbicki, chair of Loeb’s Art & Cultural Property group, and partner Amanda A. Rottermund explore essential transactional and tax considerations for art investors in each phase of their art ownership.

“We’re Listening”—IRS Stops Auto-Assessment of Penalties on Certain Late Informational Filings for Foreign Gifts and Bequests. Associate Erica Stern and partner Matthew McKim discuss the beneficial effects of the IRS decision to stop the automatic assessment of penalties on U.S. taxpayers who make late filings of informational returns reporting foreign gifts and bequests. 

A Look Inside: The Expansion of Loeb & Loeb’s Nonprofit and Tax-Exempt Organizations Practice. In this latest Q&A in our “A Look Inside” series, partner Diara Holmes, co-chair of Loeb’s Nonprofits and Tax-Exempt Organizations practice, discusses the significant growth of the team and explains how Loeb’s strategic investment in this practice builds on a strong base of collaboration at the firm to provide the group’s nonprofit clients with the full spectrum of legal support around transactions, compliance and litigation. You can catch up on our “A Look Inside” series on Loeb’s Private Client group, with our Q&A featuring Gabrielle Vidal, chair of Loeb’s Guardianships practice and co-chair of the Trust & Estate Litigation practice, and our Q&A featuring Diana Wierbicki, chair of our newly arrived Art & Cultural Property group.