Annually, the IRS updates the amount one can give free of federal gift and generation-skipping transfer (GST) tax to account for inflation. These adjustments impact the lifetime exclusion, which is the amount that one can give free of federal estate and generation-skipping transfer (GST) tax, either at lifetime or at death. The annual gift tax...
Author – Peggy Lennon Each year, the IRS sets the amounts that one can give free of federal gift and generation-skipping transfer (GST) tax, to account for inflation. These adjustments impact the lifetime exclusion, which is the amount that one can give free of federal gift and generation-skipping transfer (GST) tax, either at lifetime or...
Author – Peggy Lennon The IRS has announced the 2023 annual inflation adjustments impacting the estate, gift, and generation-skipping transfer taxes (in addition to many other tax provisions). These can be found in Revenue Procedure 2022-38, published on October 18, 2022. Starting January 1, 2023, the estate and gift tax basic exclusion amount and the...
Author – Peggy Lennon President Biden has introduced the American Families Plan (“AFP”), advancing the administration’s infrastructure agenda. As drafted, the AFP includes $1 trillion in investments and $800 billion in tax credits aimed towards children and families. The AFP adds funding for the expansive agenda by tax increases, which are aimed at wealthy taxpayers,...
Author – Kristen Terranova The passage of Proposition 19 has many California property owners wondering, ‘How will this change property taxes for me?’ Though expansively titled “The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act,” the new law makes no changes to how existing property taxes are calculated....
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