Annual Exclusion Increases to $16,000
Good news – the federal annual gift tax exclusion amount increases to $16,000 per individual as of January 1, 2022. If you have questions about your Georgia estate planning or the benefits to your family from this gift tax exclusion Read More
COVID-19 Dunwoody Estate Planning
Dunwoody Georgia are your affairs in order? Do you have legal questions about Will, Estate Plan, Trust, Health Care Power of Attorney, or Living Will during Coronavirus? Call 770-939-3936 now to schedule a phone call with estate planning Dunwoody attorney Read More
Annual Gift Tax Exclusion 2018
What is the maximum annual gift for 2018 under federal tax law? For 2018, the annual gift tax exclusion is $15,000. A husband and wife can give up to twice the annual $15,000 gift tax exclusion amount, or $30,000, to Read More
Estate Tax Update 2018
Are you curious about estate tax in 2018? For an individual who dies in 2018, the estate can be as large as $11,180,000 before federal estate tax will be due. This dollar amount is called the basic exclusion amount. What Read More
ESTATE PLANNING NOTEBOOK | Gifts of the Season | February
February is the the month for love, valentines, chocolates, and warm weather getaways. Make an estate planning notebook your “gift of the season” to show your love in February. Personal estate planning notebook for key information Start a notebook for Read More QTIP Trust
When is a QTIP Trust appropriate? A QTIP trust – or qualified terminal interest property trust – can be helpful in the right situation. Two common scenarios where a QTIP trust might be useful are: for a married individual with children Read More
Annual Gifting Amount
The maximum annual gifting amount to each individual remains $14,000 for both 2016 and 2017. Spouses combining gifts can give a total of up to $28,000 to a single individual. You can make gifts to multiple people in a single year. Additionally, Read More
Tax Saving Tip for Surviving Spouse or Senior Couple
Qualified Charitable Distribution (QCD) – a tax savings tip for income tax savings Case study #1: “Jane”, a surviving spouse over the age of 70 ½, receives annual Required Minimum Distributions (RMDs) from the IRAs her husband left naming her Read More WHAT IS A QDRO?
Retirement plan benefits are frequently divided between husband and wife as part of divorce. The court order dividing a retirement plan is called a Qualified Domestic Relations Order or QDRO for short (QDRO is pronounced “quad-row”). There are two Read More ESTATE TAX PORTABILITY
The IRS has opened a temporary window to apply for retroactive estate tax portability of the unused exemption amount for decedents who died in 2011, 2012, or 2013. IRS Revenue Procedure 2014-18 issued in late January provides a window for Read More 