gift tax Arizona

Knowing When To Gift

2 things keep the IRS’ hands out of most people’s financial pockets: the annual gift tax exclusion and the lifetime exclusion. This weeks episode of Nestology TV Kevin discusses how to utilize the gift tax and the benefits of gifting alive and after you have passed. Changes in tax laws or regulations may occur at any time and could substantially …

estate planning chandler AZ

The Gift Tax? Questions of Life or Death

The Tax Cuts and Jobs Act raised the lifetime exclusion limits for estate and gift taxes from roughly $5.5 million per individual to over $11 million. Also, the annual gift tax exemption was raised to $15,000 for individuals & $30,000 per couple. If the gift exceeds the annual exemption, the amount is applied against the donor’s lifetime gift limit. Essentially, …