By Jeffrey R. Wolfe, Vice President and Manager, Wealth Planning Strategies

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As we wrap up National Estate Planning Awareness week, we look toward the future.

This week the IRS announced the annual gifting limits increase $1,000 to $15,000 per person per year. This means a married couple may gift up to $30,000 per person with proper gift splitting. This could help with many wealth transfer techniques and is something you should consider addressing should your situation warrant such planning.

The estate and gift tax unified exclusion amount is also going up again this year with it increasing to $5.6 million per person. Again, for married couples, this means more than $11 million can be transferred without tax. This increase will tend to remove the estate tax burden for most taxpayers, but for those who may face the tax, it is a welcome increase.

Given these changes, you may want to work with your financial advisor, your tax advisor and your legal advisor to determine whether you should implement or modify any planning needs. Remember, a change in the tax law is often a good reason to review your estate plan.

This piece is intended to provide accurate information regarding the subject matter discussed. It is made available with the understanding that Benjamin F. Edwards & Co. is not engaged in rendering legal, accounting or tax preparation services. Specific questions on taxes or legal matters as they relate to your individual situation should be directed to your tax or legal professional.