Author: Christopher Weeg

IRS Releases 2024 Inflation-Adjusted Numbers             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…

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…

Trusts are perhaps the most dynamic tool in the estate planner’s toolbox. Trusts have a variety of benefits that include establishing rules with respect to the management and disposition of your assets and the potential provision of significant tax savings.  There are many types of trusts, and this blog post…

The IRS has just released inflation-adjusted tax numbers for 2023.  Among the most notable adjustments are: An increase in the gift, estate and GST tax exemptions amounts from $12,060,000 to $12,920,000. An increase in the gift tax annual exclusion amount from $16,000 to $17,000. An increase in the starting point…