Many people choose to gift assets to their loved ones while they are still alive so they may see them enjoying the benefits. In 2024, the Internal Revenue Service (IRS) increased the limits for both the gift tax exclusion and the lifetime estate and gift tax exemption...
I've received all sorts of "what ifs" for the past year regarding (sigh) President-elect Trump's tax proposals. I hoped my faith in another presidential candidate would provide me another head of state and the ability to avoid the topic altogether. Well, now you can...
“For years, the income tax and gift and estate tax laws have been modified and amended to the degree that only tax lawyers and accountants could really make any sense out of them. Now, with the advent of the Tax Reform Act of 1976 and all of its cross implications, not even the tax lawyers and accountants are so sure of themselves.” – Robert S. Taft, New York Law Journal, Dec. 30, 1976
“We don’t pay taxes. Only the little people pay taxes.” – Leona Helmsley
