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Are you prepared for potential changes to estate and gift tax exclusions in January 2026? Stay ahead of the game by learning about tax changes and essential considerations you should make now. Check out our latest article for valuable insights and strategies to navigate these potential changes effectively. https://lnkd.in/gN69x52w

The lifetime federal estate and gift tax exemption could be halved in 2026. Should you take action before then? Connect with a member of our team to learn how we can help. https://lnkd.in/eH6kSFrv

🎁 Planning your gifts and estate? Here's what you need to know for 2024: 💰 The annual exclusion for gifts has increased to $18,000 per person in 2024, up $1,000 from the previous year. This means you can gift up to $18,000 to an individual without needing to file a gift tax return. 🏰 The lifetime estate and gift tax exemption for 2024 is $13,610,000, allowing individuals to pass on significant assets to heirs without facing estate or gift taxes. This threshold has increased from $12.92 million in 2023. 💡 Understanding these thresholds is crucial for effective estate planning and maximizing your gifting strategies. Consult with a financial advisor or tax professional to ensure you make the most of these allowances! #EstatePlanning #GiftTax #FinancialStrategy 💸🏡 https://lnkd.in/gK5GvMH

🎁 Planning your gifts and estate? Here's what you need to know for 2024: 💰 The annual exclusion for gifts has increased to $18,000 per person in 2024, up $1,000 from the previous year. This means you can gift up to $18,000 to an individual without needing to file a gift tax return. 🏰 The lifetime estate and gift tax exemption for 2024 is $13,610,000, allowing individuals to pass on significant assets to heirs without facing estate or gift taxes. This threshold has increased from $12.92 million in 2023. 💡 Understanding these thresholds is crucial for effective estate planning and maximizing your gifting strategies. Consult with a financial advisor or tax professional to ensure you make the most of these allowances! #EstatePlanning #GiftTax #FinancialStrategy 💸🏡 https://lnkd.in/gxRg44k7

The annual gift tax exclusion is one of the most significant ways you may be able to reduce your federal gift tax liability. The annual gift tax exclusion currently allows you to give $18,000 (in 2024, $17,000 in 2023) to an unlimited number of donees (persons or organizations you give to) without incurring gift tax. You can double that amount if your spouse consents to split the gift.

Planning to contribute $30,000 towards your child's wedding? Be aware of potential federal gift tax implications. While 2024 gifts up to $18,000 per person annually are tax-free, exceeding this limit reduces your lifetime exemption. The basic exclusion amount, adjusted yearly for inflation, allows a person to give up to $13.61 million in 2024 without triggering gift taxes. Consult a professional to navigate reporting requirements and minimize gift tax obligations for significant contributions. #SRQTax #Accountant #CPA #SRQ #Taxes #SterlingTaxAndAccounting #Weddings #GiftTax

The lifetime federal estate and gift tax exemption could be halved in 2026. Should you take action before then. https://lnkd.in/gtCEb9Cm

The federal lifetime gift and estate tax exemption could halve in 2026. For some, early gifting could be a beneficial strategy. Let me know if you'd like to learn more. https://lnkd.in/e__dmEGk

The lifetime federal estate and gift tax exemption could be halved in 2026. Should you take action before then? Learn more: https://lnkd.in/dSJUZynv

The federal gift tax assessment is for large gifts of money or property. However, some considerable gifts aren't subject to the gift tax. Gift givers may take advantage of the annual exclusion each year and potentially avoid paying any taxes on gifts for amounts below the exclusion. For 2024, the gift tax exclusion is $18,000 per person per year. See what other numbers have changed here: https://hubs.la/Q02mq9zt0 #GiftExclusion #TaxPlanning #MeristemPrivateWealth