While gifting strategies have long been used to reduce the tax liability of large estates, fewer taxpayers may need to implement this strategy thanks to the Tax Cuts and Jobs Act of 2017. These tax law changes significantly increased the basic exclusion amount for the unified credit for estate and gift taxes. As of 2019, the basic exclusion amount is $11.4 million.1
Understanding the tax implications of estate planning, including laws that vary by state, is an important aspect of wealth planning. This is where professional insight may be particularly beneficial. Contact the office today to schedule time to discuss tax and investment management strategies to help optimize your legacy goals.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.
Estate Planning and Gifting
August 13, 2021