Resources

The new Tax Cuts and Jobs Act of 2017 (“2017 Tax Cuts Act”) signed by the President on December 22, 2017, P.L. 115-97 (115th Cong., 1st Sess.), contains important tax provisions related to estate planning. The most...

The most commonly used method for tax-free giving is the annual gift tax exclusion, which allows you to make a gift of up to $14,000 (per donor, per donee, per year) on an annual basis to each donee with no gift tax and no...

A very effective strategy to employ in order to ensure that your estate will not be subject to estate tax is to make sufficient gifts during your lifetime so that at your death your estate is smaller than the then-current...

Section 2503(e) of the Internal Revenue Code of 1986 provides for an unlimited gift tax exclusion for payments of tuition made directly by a donor to an educational institution on behalf of a student for the purpose of...

Contributions to a Section 529 College Savings Plan (“529 Plan”) do not qualify for the exclusion for tuition payments, but can take advantage of the $14,000 (soon to be $15,000) annual gift tax exclusion. The...

The payment of a beneficiary’s medical expenses is excluded from the gift tax, with no limitation on the amount excluded. To qualify for this exclusion, the payment must be made directly to the provider, and it must be...

Despite the tax savings, you may be uneasy about making outright gifts to your children and grandchildren, due to the loss of control over when and how they use the gift. This concern can be addressed by making the gifts in...

You should review your charitable giving to ensure that it is being done in the most tax-efficient manner. Charitable giving is an important form of estate planning. Gifts to charity are not (and never have been) subject to...

The tax law was changed in 2015 to permanently allow tax free Charitable Gifts from an Individual Retirement Account (“IRA”) by those over age 70-1/2. The law allows an “exclusion from income” of up to $100,000 per...

The current federal gift and estate tax “exclusion amount” (exemption) is $5,490,000. The IRS recently announced that, effective as of January 1, 2018, this exclusion amount will be increased (inflation-adjusted) by...