![]() The client should make a note of all outstanding debt on their balance sheet.ĭebts are always going to be the responsibility of the estate. If your client owns any debt, that debt will transfer to their estate. Such large transactions will need careful planning so your clients avoid any IRS risks and maintain their financial independence. Our expectation is that clients will want to leverage the higher exemption levels prior to Januand therefore, it’s a good idea to look for opportunities to make gifts now. Sell assets for promissory notes (with may be forgiven if the tax laws are less likely to change).Gift a significant portion of the estate to beneficiaries.Individuals with more than $12.92 million and couples with more than $25.84 million can reduce possible tax liabilities on their estates by doing the following before the end of the year: However, the current exemption levels are expected to automatically expire on Januresulting in the exemption levels reverting back to $5 million per person (adjusted for inflation). In recent years, your more well-off clients enjoyed favorable federal gift and estate tax exemptions. Anticipated inheritance, gifts, and lawsuit judgments: If your client has inherited money or received a financial windfall, help them avoid possible tax penalties by planning what to do with it now (see below). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |