Nov 14, 2019

2019-2020 Estate Planning; It’s not too Late!

Estate Planning Blocks

Thanksgiving is just weeks away and 2020 is not far behind – weren’t we just thinking about Y2K –  so as 2019 winds down consider taking steps to help reduce your estate tax exposure (and might also entice the children to show up for the holidays). Think about more than just holiday gifts – The 2019 exemption from the federal gift, estate, and generation-skipping transfer tax is $11,400,000 ($22.8 million for a married couple) and will increase in 2020 to $11,580,000. The annual gift tax exclusion is $15,000 so that an individual can gift $15,000 without using her exemption.  A… Read more


May 13, 2013

“There is nothing permanent except change.” -Heraclitus

Authored by: Paul J. Sowell Just when those impacted by the moving target that was the gift and estate tax exemption collectively sighed in relief at the passage of the fiscal cliff deal, it appears the celebration may have been premature.  President Obama recently released his proposed budget for 2014 where he seeks to revisit the exemption amounts. Under the President’s proposed budget, the gift and estate exemption would be reduced to the 2009 level of $3.5 million and the estate tax rate would be set at 45% starting in 2018.  In addition to fiddling with the gift and estate… Read more


Apr 16, 2013

You Are Not Finished With Your 2012 Gifting Until You File Your Gift Tax Return

Authored by: Neeli G. Shah Many opportunistic taxpayers rushed to make year-end gifts during 2012. As a result, a record number of 2012 gift tax returns are expected to be filed in 2013. These returns were due yesterday, April 15, 2013, although the due date can be automatically extended by six months.  The importance of accurately reporting and timely filing a 2012 gift tax return should not be understated, even if no gift tax is expected to be due.  This is especially true if you made gifts to a trust for the benefit of your grandchildren; gift-split with your spouse;… Read more