The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what, if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn … [Read more...] about Don’t Be a Turkey or a Ham- Take Advantage of Your Annual per Donee Exclusion Amount
When and Where You Die Matters
The federal estate and gift tax exclusion is set “permanently” to $5 million, adjusted for inflation. However, if you die between now and the end of 2025, the exclusion is doubled to $10 million, adjusted for inflation. Its inflation adjusted to $11.4 million in 2019. But, the federal estate and gift tax is the same regardless of where you live when you die. You could die in Paris, France, or Paris, Texas, and the federal estate tax bill would be the same. However, about 1/3 of the states … [Read more...] about When and Where You Die Matters
