by Arthur Geffen | Mar 15, 2023 | Estate Planning, Estate Planning Solutions, Estate Tax, Wealth Planning
A bear market in stocks may be painful, but it can create the right circumstances for estate planning. Last year, U.S. stocks reached bear market territory, which is defined as a drop of 20% in value from recent record highs. The markets aren’t out of the woods just...
by Arthur Geffen | Nov 3, 2022 | Estate Tax
In tax year 2021, 2,584 American taxpayers paid $18.4 billion in estate taxes after allowable deductions and state death tax deductions, according to recently published federal estate tax data from the Internal Revenue Service. < p style=”margin: 0px 0px...
by Arthur Geffen | Oct 20, 2022 | Estate Tax, Exclusion Estate Tax
Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week. Starting in 2023, individuals can transfer up to $12.92 million to heirs, during life or at death, without triggering a federal estate-tax bill, up from $12.06...
by Arthur Geffen | Oct 12, 2022 | Estate Planning, Estate Tax, Gift Tax, Gifts
US Taxpayers enjoy a lifetime gift and estate tax exemption. This is the amount a person can transfer at death or during life without triggering a transfer tax. The exemption amount for 2023 is set to rise $860,000 to $12,920,000 per person ($25,840,000 per married...
by Arthur Geffen | Jul 12, 2022 | Estate Tax
he IRS issued a revenue procedure (Rev. Proc. 2022-32) Friday that allows estates to elect “portability” of a deceased spousal unused exclusion (DSUE) amount as much as five years after the decedent’s date of death. Estates of decedents dying after...
by Arthur Geffen | May 12, 2022 | Estate Tax, Gift Tax
Over the last couple of years, as there was concern that the gift and estate tax exemption (along with the related generation-skipping transfer tax exemption) would be reduced back to pre-2017 levels, many individuals made gifts or other transfers to utilize their...
