Tag Archives: gift tax exemption
Effective Jan. 1, 2025, the federal estate tax exemption increased to $13.99 million, or $27.98 million for married couples filing joint tax returns. This means that individual taxpayers can transfer up to $13.99 million in assets to their heirs (or up to $27.98 million for married couples filing jointly) during life or at death without […]
In 2019, the IRS reassured ultra-high-net-worth families that any gifts they make between 2018 and 2025 to remove assets from their taxable estates under the generous but temporary provisions of the Tax Cuts and Jobs Act (TCJA) would not lose those tax benefits when the estate-tax lifetime-exclusion reverts to its pre-TCJA level in 2026. The […]
Widows and widowers who missed the deadline to claim a deceased spouse’s unused estate and lifetime gift tax exemptions as their own have up to five years to make this portability election and shield more of their wealth from future tax liabilities. Understanding Portability U.S. tax laws provide individuals with a federal lifetime gift and […]