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From a tax perspective, 2016 was a relatively calm year. But this relative calm shouldn't create complacency. Instead, it creates two significant opportunities for year-end planning. First, you can redirect the time and energy spent understanding new laws in years past toward a holistic look at your tax situation and plans for the future; you might just identify tax-saving strategies that were previously unnoticed. Second, you can devote that extra time to learning more about the new rules that did go into effect this year.

Lifetime gift planning can include gift to spouse, annual exclusion gift, UTMA accounts, 2503(c) Trust, funded Crummey trust, 529 plans, payment of tuition and medical expenses, gift to irrevocable life insurance trust, and gifts to qualified personal residence trust (QPRT). When it comes to the basic estate and gift planning, it helps to have an at-a-glance view of the types of gifts available and their benefits, tax consequences, restrictions and limitations, and requirements.

When evaluating possible estate planning counsel, there are many variables to consider such as educational background and professional experience, skills, and review process. To help you determine if the prospective attorney is truly qualified to help you, there are ten key questions to ask and guidelines to follow.

Recently proposed IRS changes to reduce or eliminate valuation discounts could dramatically increase the transfer tax cost of shifting property to members of your family in the future. The loss of valuation discounts is of significant concern for high-net-worth individuals for whom federal transfer taxes are an issue. It’s possible that some of the regulations could become effective as early as December of 2016, so it’s important to consult with your tax and legal advisors to evaluate your planning options.

Parents often find it difficult to discuss their wealth with their children, especially when it comes to what will happen to their wealth when they die. But when parents do not clearly detail their intentions or prepare their children to receive the family’s wealth, they risk outcomes that will meaningfully erode the value of their estate. Fortunately for every family there are key steps—from opening the lines of communication early to considering the value of an impartial trustee—that can help with successfully transferring the family wealth from generation to generation.

The rules of the game in estate planning have changed. No longer can planners be so focused on the estate tax liability. They now must be equally focused on income taxes. In the past, taxpayers were willing to give up a step-up in basis at death in order to reduce or eliminate estate taxes. That is often no longer a good trade. With a smaller difference between income and estate taxes, taxpayers and planners must now consider the impact of both, especially for those in states with their own high income taxes.

Although surveys vary, it is estimated that one-third of Americans own a gun. Therefore, the probability that a professional fiduciary (whether a trustee or personal representative) will be responsible for handling the sale or transfer of a firearm is relatively high. A fiduciary selling a gun collection faces unique challenges of both valuation and liability. Although it may be a time-consuming task, researching and using various alternative methods can uncover the best price, with care taken to abide by state and federal regulations, and will likely resolve both issues.

When done well, a trustee’s service can have a profoundly positive impact on a family; when done poorly, a trustee’s service can create or exacerbate fissures within a family, dissipate family wealth, create personal liability for the trustee, and create a public spectacle that sullies the family’s good name and reputation. For key employees in family offices, service as a trustee is sometimes part of the job description. The trustee should adhere to the best practices that will serve the family well, fulfill the duties to the beneficiaries, and minimize the personal risks.