Asset Protection
On November 11, 2023, the U.S. Treasury Department issued Rev. Proc. 2023-34 releasing the 2024 inflation-adjusted exemptions for estate, gift, and generation-skipping transfer tax as follows: The estate and gift exemption amount (currently $12.92 million in 2023) will increase to $13.61 million per taxpayer for 2024 ($27.22 million per married couple). The generation-skipping transfer tax…
Read MoreIn Rev. Proc 2022-38, the IRS provided inflation adjustments for various IRS Code provisions for taxable year 2023, including many relevant to trusts, estates, and gifts. The 2023 inflation adjustments include: The basic estate and gift tax exclusion amount (and the generation skipping transfer tax amount) will increase to $12,920,000 from the 2002 exemption of…
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Towards the end of the year, some families consider making financial gifts to others as part of their year-end tax planning. As part of your estate plan, you may consider sharing your financial success with your children, grandchildren, or other loved ones before your death. First, let’s review gifts that aren’t taxable. Gifts that are…
Read MoreIn a perfect world, you should review your estate planning documents every time there is a life event, such as a, Birth, Death, Marriage, Divorce, or Retirement. You also want to review them with the acquisition or sale of a significant asset, like that of a business. These are times to pull out your estate…
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