Infographic: When are you required to file a gift tax return?

It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. If you own a family business, one important issue to address is how to best weave together your succession plan with your estate plan. Rise…

For 2020, the lifetime combined gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, under current law, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax…

Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses. Fortunately, Internal Revenue Code Section 6166 provides some relief, allowing the estates of family business owners to…

For many people, a family-owned business is their primary source of wealth, so it’s critical to plan carefully for the transition of ownership from one generation to the next, and one of the biggest consideration is tax. The best approach depends on your particular circumstances. If your net worth is well within the estate tax…

Now that the gift and estate tax exemption has reached a record high of $11.18 million (for 2018), it may seem that gifting assets to loved ones is less important than it was in previous years. However, lifetime gifts continue to provide significant benefits, whether your estate is taxable or not. Let’s examine three reasons…

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have options to fix a “broken” trust.

Do you make sizable gifts to charitable causes? If you’re fortunate enough to afford it, you can realize personal gratification from your generosity and may be able to claim a deduction on your tax return. But once you turn over the money or assets, you generally have no further say on how they’re used. You…

In 2016 it looked like a new proposed regulation might greatly limit a popular estate planning technique – leading to a big increase in the estate taxes of family business owners. Thankfully, late last month the IRS formally withdrew the proposal, allowing estate planners and their clients to breathe a huge sigh of relief. Here’s…