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 | Nov 17, 2020 | Gifts
With a president-elect Joe Biden heading to the White House, estate and gift tax exemptions could be on the chopping block next year. Even if nothing happens, these exemptions are slated to be halved after 2025. The upshot: Wealthy clients wishing to make big gifts...
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...
by Arthur Geffen | Dec 3, 2018 | Gift Tax, Gifts
If the holiday spirit is encouraging you to gift millions of dollars to family members, it’s time to start sharing the wealth. The Tax Cuts and Jobs Act increased the gift and estate tax exemption — also known as the basic exclusion amount — to $11.18...
by Arthur Geffen | Aug 28, 2018 | Deductions, Gifts
The 2017 Tax Act, passed into law in December, is one of the most complicated new laws in tax history. In addition to changes that affect individuals and businesses, there are also noteworthy changes that will impact charitable giving. Smart Business spoke with...
by Arthur Geffen | Nov 1, 2013 | Annual Exclusion, Gift Tax, Gifts
As many estate planners anticipated, the Internal Revenue Service has raised the limit on tax-free transfers during life or at death. Starting in 2014 that amount, known as the basic exclusion, will go up to $5.34 million per person, from $5.25 million this...
