The IRS has announced the official estate and gift exclusion amounts for 2023.
For an estate of any decedent dying during calendar year 2023, the applicable exclusion is increased from $12.06 million to $12.92 million. This change increases not only the applicable exclusion amount available at death, but also a taxpayer’s lifetime gift applicable…
Clients occasionally come to us because their community would like to raise funds on behalf of their child with special needs. It is important that a proper special needs trust is set up before these gifts are made so that assets are not inadvertently given to the special needs child individually. A friend or family…
Beginning in 2009, the annual exclusion amount increased to $13,000 per person. The annual exclusion is the amount that each person can gift to anyone each year without any gift tax or use of the $1 million gift tax exclusion.
In order to qualify for the annual exclusion, the recipient must have a present interest…
The federal estate tax is based on the value of one’s assets less liabilities at the person’s date of death. There are three important exceptions that are critical to understanding how the federal estate tax works.
First, there is the unlimited marital deduction, which means that all of the assets one leaves to his or…
