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 | 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...
by Arthur Geffen | Apr 27, 2022 | Gift Tax
The IRS issued proposed regulations Tuesday (REG-118913-21) that would provide an exception to the anti-“clawback” special rule that preserves the benefits of the temporarily higher gift and estate basic exclusion amount. The regulations would apply to...
by Arthur Geffen | Jan 11, 2021 | Estate Tax, Gift Tax, Income Tax, Tax
With the results of the Georgia runoff election in the Democrats Control the House, the Senate and the White House. So, the potential for harsh tax legislation increasing taxation of the wealthy, along the lines of prior Democratic proposals, might be likely to...
by Arthur Geffen | Nov 19, 2020 | Estate Planning Solutions, Estate Tax, Gift Tax
The current federal gift and estate tax rate is 40% and once an individual uses his or her lifetime exemption (currently $11.58 million and scheduled to drop to about half of that in 2026, perhaps sooner in light of election results) tax planning becomes difficult and...
by Arthur Geffen | Sep 8, 2020 | Estate Planning, Estate Planning Solutions, Estate Tax, Gift Tax, Gifts
The clock’s ticking for wealthy clients looking to find tax advantages when transferring assets to the next generation or selling their business—especially considering the looming, potentially watershed election. “With a possible administration change and...
