Certain key provisions of the Internal Revenue Code affecting estate planning are indexed each year for inflation. The new year brings in the following increases and estate planning opportunities for 2024. The lifetime gift and estate tax exclusion amounts have been increased from $12,920,000 to $13,610,000. The GST exemption amount…
Category: Estate Planning
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…
It is snowbird season in Florida, the time of year when residents of northern states migrate to the Sunshine State to escape the harsh winters. Florida has long been a popular destination for snowbirds wanting to spend the winters in a warmer climate, and eventually to relocate permanently. Those who…