Chris Weeg recently spoke as part of a panel of trust and estate professionals during a CPE webinar, “Family Partnerships: Navigating the Discounting Rules for Family-Controlled Entities.” The session explored key strategies for using family limited partnerships (FLPs) and other closely held entities in estate planning, with a focus on…
Author: Christopher Weeg
The IRS released inflation-adjusted tax figures for 2025. Below are some notable highlights affecting various provisions in the Internal Revenue Code applicable for the 2025 tax year The lifetime gift, generation-skipping transfer, and estate tax exclusion amounts have been increased from $13,610,000 to $13,990,000. The gift tax annual exclusion…
A silver lining to our current high inflation environment is the IRS’s just-released inflation-adjusted numbers for 2024. Below are some notable highlights affecting various provisions in the Internal Revenue Code applicable for the 2024 tax year: The lifetime gift and estate tax exclusion amounts have been increased from $12,920,000 to…
Transfer tax planning focuses on gift, estate, and generation-skipping transfer (“GST”) taxes, which are collectively referred to as “transfer taxes.” The base transfer tax exemption amount is $10,000,000 ($12,920,000 million for 2023, as indexed for inflation). Under current law, the base transfer tax exemption amount is set to reduce to…
A common question that arises when preparing federal gift tax returns is whether a gift in trust qualifies not only for the gift tax annual exclusion but also for the lesser know (and lesser understood) generation-skipping transfer (“GST”) tax annual exclusion. This article will clarify when gifts in trust…