Mallory Sikora, left, and Allison Bustin, right, of Eckert Seamans Cherin & Mellott. Courtesy photos It Is Better to Give Than to Receive: Lifetime and Annual Exclusions
Under experienced advisement, there are a variety of strategies and techniques to capitalize on these beneficial options for wealth transfer tax planning.
February 06, 2023 at 10:49 AM
7 minute read
This old adage may as well be attributed to a tax or estate attorney. Enter: the federal gift and estate tax exclusions. Under the Internal Revenue Code (the code), gifts made during lifetime are subject to a gift tax, however, various exclusions from the tax can provide opportunities to taxpayers to coordinate their estate planning to protect their wealth and better control how it is distributed. Read on to learn about the applicable lifetime and annual exclusion amounts for 2023, how things are expected to drastically change in 2026, and why you may want to consider larger gifts before 2026.
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