A comprehensive estate plan typically incorporates a wide variety of estate planning strategies and tools. Many of those strategies and tools are aimed at reducing an estate’s exposure to gift and estate taxes. The overall key to reducing gift and estate taxes is to transfer as many assets as possible out of your estate prior to your death as possible. One way to accomplish this is to make use of the annual gift tax exclusion. Gift and estate taxes are potentially levied on the estate of a … [Read more...] about What Is the Annual Gift Tax Exclusion?
Many people were relieved that Congress and President Obama were able to reach a last minute deal to avoid the so-called "Fiscal Cliff." However, there was also some trepidation about what the deal would include. As it turns out the deal, passed into law as the American Taxpayer Relief Act, contains some things that people are pleased with and others that most people are not. This is certainly the case for the portions of the deal that involve the estate and gift taxes. To get the bad news out … [Read more...] about Where the Estate Tax Stands