“Mrs. Smith” recently came to us to inquire about obtaining Medicaid nursing home benefits for her husband. He had suffered a stroke three years prior. She was a devoted caregiver, but now her own health was rapidly deteriorating. She did…
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Beginning in 2024 there are new estate tax numbers you should be aware of, particularly if you have a substantial estate that is taxable right now, or one that is likely to be taxable in the future. The Federal Lifetime…
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The current Unified Estate Tax and Gift Tax Exemption allows you to pass $12.92 million, tax-free. This can include tax-free gifts you make during your lifetime, or bequests made after your death, or a combination of the two. A married…
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Families and individuals with significant assets will have new opportunities in 2023 to transfer tax-free wealth to their heirs. Your estate planning attorney can provide you with guidance on any gifting you should be doing to take advantage of the…
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Two key estate planning numbers will change effective January 1, 2022: The lifetime unified gift and estate tax exemption, and the annual estate tax exclusion. These changes may impact you if you have a taxable estate. The lifetime exemption is…
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The annual gift tax exclusion is widely misunderstood. Many people believe that for tax purposes they must stay under the exclusion limit. In fact, for the vast majority of people, the annual exclusion – currently $14,000 – effectively has no…
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