IRS Announces Increased Gift and Estate Tax Exemption Amounts

IRS Announces Increased Gift and Estate Tax Exemption Amounts

by | Nov 22, 2021 | Estate Planning

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.

Why everyone needs life insurance

Why everyone needs life insurance

by | Jul 3, 2021 | Estate Planning

I often find the misconception among unmarried people and those without children that they do not need life insurance. That could not be further from the truth. With the policies available these days, life insurance is about much more than simply providing a death benefit for those you leave behind.

The truth about annuities

The truth about annuities

by | Sep 11, 2020 | Estate Planning

One of the few things people know about Social Security is that contribution is mandatory, and when they get old enough to retire, they will receive a certain amount of money per month as long as they live.

Wills and why you should use an Attorney

by | Apr 18, 2020 | Estate Planning

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.