A recent Forbes article by Matthew Erskine, 2022 Transfer Tax Update, suggests that now is the time to make gifts if you’re concerned that you might have a taxable estate. Since no one knows that Congress will do with the estate tax and gift tax, some advisors assume the Trump-era transfer tax cuts will remain in effect until they lapse (revert) on December 31, 2025 for tax payers sying in 2026 or later. The IRS has said they will not claw-back gift taxes if tax payers make gifts now, relying on current exemption levels, and then the exemption level drops and the tax rate increases (really reverts back to where it was).
With that in mind, if a single tax payer has an estate valued in excess of $5,000,000, or a married couple has an estate valued over $10,000,000, then you should consider visting your tax planner. At least that’s what the pundits are saying. For example, Mr. Erskine says if you’ve used up all of your $11.7 million exemption, allowed through 12/31/2021, you could still give away an additional $360,000 tax free in 2022. Since we don’t give specific advice on ezelderlaw, we’ll stop after saying having a plan is almost always better than not having a plan. If you’re concerned, visit your tax professional.
ADLs and IADLs Activities of Daily Living and Instrumental Activities of Daily Living describe basic…
Planning for Adult Children with Disabilities Childhood Disability Benefits assist disabled children and adults who…
Video Wills You might wonder whether you can make a video recording of yourself stating…
2025 Georgia Medicaid Transfer Penalty If an applicant for long-term care Medicaid (e.g., nursing home…
Recently, my dad died. While I was driving back from being sworn in as his…
In Georgia, an individual has legal capacity to make a Will "when the testator has…
