Beginning in 2022, the annual gift exclusion will be $16,000 per donor, up from $15,000 in recent years.
Note: Although the IRS has announced that the lifetime estate and gift tax exemption will increase to $12.06 million in 2022, that amount is set to be cut in half at the start of 2026. An earlier version of the Build Back Better Act included a provision that would have cut the exemption in half at the start of 2023 instead, but that was dropped from the November 3 legislative text. It is unclear whether that provision will work its way back into any final legislation. Thus, if one is interested in using his or her higher lifetime gift tax exemption, he or she may want to act fast before any changes to the law are implemented.
Join us for the first caregiver’s coffee break where you can discuss your challenges, joys, and wishes. Wednesday, October 13 at noon.
My job is to solve problems or protect people so that problems do not develop. If you thought people didn’t have problems during a lock down, think again. Here are some of the things I’ve been helping clients with this week.
Listen in as Kathy Brown van Zutphen with Coastwide Law talks about Wills and why you should use an Attorney vs. printing the Will from a website. You need to make sure you have two separate witnesses who are not in the Will, and that it is notarized which the Attorney’s office usually has on-site.