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Category Archives: Annual Gift Tax Exclusion

Don’t miss your opportunity to make 2015 annual exclusion gifts

By Legacy Protection, LLP |

Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in 2015). But even with the rising exemptions, annual exclusion gifts offer a valuable tax-saving opportunity. The 2015 gift tax annual exclusion allows you to… Read More »

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Do you need to file a 2014 gift tax return by April 15?

By Legacy Protection, LLP |

Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), That you wish to split with your spouse to take advantage of your combined $28,000 annual exclusions, or Of future… Read More »

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Why you should make annual exclusion gifts before year end

By Legacy Protection, LLP |

The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient. The gifted assets are removed from your taxable estate, which can be especially advantageous… Read More »

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Grandchild in college this fall? Paying tuition could save gift and estate taxes

By Legacy Protection, LLP |

Now’s the time of year when many young adults are about to head back to college — or to enter their first year of higher education. If you have a grandchild who’ll be in college this fall and you’re concerned about gift and estate taxes, you may want to consider paying some of his… Read More »

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Why you need to know the value of your assets

By Legacy Protection, LLP |

With the gift and estate tax exemptions currently at $5.34 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, it’s still important to know the value of your assets. First, your estate might be worth more than you think…. Read More »

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Is it time for an estate plan checkup?

By Legacy Protection, LLP |

Now that we’re in the new year, it’s time for an estate plan checkup. Why? First, various exclusion, exemption and deduction amounts are adjusted for inflation and can change from year to year, so it’s a good idea to see if they warrant any updates to your estate plan: Lifetime gift and estate tax… Read More »

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Even with rising exemptions, 2013 annual exclusion gifts still a good idea

By Legacy Protection, LLP |

Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million in 2013). But even with the rising exemptions, making annual exclusion gifts is still a good idea. The 2013 gift tax annual exclusion allows… Read More »

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