Direct Payments of Tuition and Medical Expenses Reduce Gift and Estate Tax Exposure

Now that the gift and estate tax exemption has risen to $11.7 million for 2021, you may be less concerned about these taxes. But if you have children or grandchildren in college or with medical expenses, you may want to take advantage of the exemption for direct payments of tuition

2021-04-12T14:53:27-06:00January 19th, 2021|

Estate Tax Relief for Family Businesses

Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses, including farms. Fortunately, Internal Revenue Code Section 6166 provides some relief, allowing

2021-04-12T14:54:39-06:00October 22nd, 2019|

Give to Loved Ones Before Year End

As the holiday season quickly approaches, gift giving will be top of mind. While gifts of electronics, toys and clothes are nice, making tax-free gifts of cash using your annual exclusion is beneficial for both you and your family. Even in a potentially changing estate tax environment, making annual exclusion

2021-04-12T14:57:10-06:00December 5th, 2017|

Tax Basis Planning Worth a Look if Estate Taxes Aren’t a Threat

For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high gift and estate tax exemption — currently $5.49 million ($10.98 million for married couples) — means that fewer people are subject to those taxes. If gift and estate taxes aren’t

2021-04-12T14:57:40-06:00October 12th, 2017|
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