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September 22, 2020

Is Now the Right Time to Forgive Intrafamily Loans?

Whether you made intrafamily loans years ago or perhaps this year in response to a loved one’s financial troubles due to the COVID-19 pandemic, consider forgiving those loans. Why? A record-high gift and estate tax exemption amount and a low-interest-rate environment add up to an ideal time to forgive intrafamily loans.

Under the right circumstances, an intrafamily loan can be a powerful estate planning tool because it allows you to transfer wealth to your loved ones free of gift or generation-skipping transfer (GST) taxes — to the extent the loan proceeds achieve a certain level of returns. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Gift and Estate Tax Exemption, Income Tax, Intrafamily loans,
April 26, 2019

IRS Provides Estate Tax Protection Against Sunsetting TCJA Provisions

Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after 2025, unless Congress takes further action. Notably, the TCJA provision that doubled the gift and estate tax exemption from $5 million to $10 million (adjusted annually for inflation) will revert to pre-2018 levels after 2025. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: Economic Growth and Tax Relief Reconciliation Act, Gift and Estate Tax, Gift and Estate Tax Exemption, Tax Cuts and Jobs Act,
December 18, 2018

Estate Planning Pitfall - You’re Not Making Payments Directly to the Educational Institution or Health Care Provider

Now that the unified gift and estate tax exemption has jumped to $11.18 million in 2018, you may no longer have to worry about gift and estate taxes. On top of that, you can still use the annual gift tax exclusion of $15,000 per recipient in 2018. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Estate tax laws, Gift and Estate Tax Exemption, Taxable estate,

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