Tag Archives: trust and estates
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Using Intrafamily Loans to Transfer Wealth and Reduce Estate Taxes
With current interest rates at near-historic lows, intrafamily loans remain an effective way to shift wealth to the next generation while avoiding estate and income tax consequences. Such loans can be part of a complex estate planning strategy, including the transfer of a closely-held family business. However, they can also be used as a simple mechanism to assist children with ... Read More
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Estate Tax Considerations for 2022: How Clients Can Plan in an Uncertain Time
The Internal Revenue Service ("IRS") has released annual inflation adjustments for 2022. These include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions (the “unified credit”), annual gift tax exclusions, and retirement account limits. The changes are as follows: The unified credit will increase to $12.06 million for an individual (from $11.7 million in 2021). This means that a married ... Read More
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