YES, YOU HAVE MORE ROOM TO GIVE!

There is one constant in strategic estate planning: laws and regulations change every year. Here are three changes that may affect you:

1. There Is More Room To Give In 2024

Thanks to inflation, the IRS is giving us a break (sort of). The magic number for estate, gift, and generation-skipping has increased. Now, you’ve got a whopping $13.6 million shield per person before Uncle Sam comes knocking for his 40% cut. For those annual gifters? You can now hand out $18,000 per person, or $36,000 for married couples, without triggering a tax burden.

2. Tick Tock Goes the Tax Clock: Gift & Estate Taxes May Drop in 2026

Remember the Tax Cuts and Jobs Act of 2017? It was issued with an expiration date. Unless Congress intervenes, we can expect a rollback in 2026 to about half of the current amount. If you’ve been playing the waiting game with your gifting strategy, you might want to act in 2024 or 2025 for more tax savings.

3. Report In If You’re A Beneficial Owner

There’s a new rule in town: the Corporate Transparency Act. What this means for you: if you’re what they call a “beneficial owner” of a particular type of company (like a limited liability company or limited partnership), you have to file another form with the feds. And they mean business—you need to file this on time.

More details are on the FinCEN website. Please call your business attorney or accountant to find out if this affects you—or not.

Questions about gift and estate taxes? Your estate and legacy plan? What the Tax Cuts and Jobs Act of 2017 is all about, or anything else (except for the Corporate Transparency Act)? Contact us. We’re here for you.

And, if you’re a JM LAW client, you qualify for membership in our CARES estate and legacy planning maintenance program. It’s designed to help you keep up with life’s curveballs. Find out more about JM LAW CARES on our website or contact us to enroll.

This post was created by Jessica Marchegiano, founder of JM LAW and senior estate planning attorney.

©2022 JM LAW, PLLC. All rights reserved

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Disclaimer: Materials prepared by JM LAW, PLLC are for general informational purposes only. Educational material does not create an attorney-client relationship and is not an offer to represent you. You should not act or refrain from acting based on information provided.

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