"IRS Increases Estate and Gift Tax Exemptions for 2025" by Attorney Laura Curry (Audio) Starting January 1, 2025, the Internal Revenue Service (IRS) raised the federal estate tax exemption from $13.61 million to $13.99 million and increased the annual gift tax exemption from $18,000 to $19,000. What is the federal estate tax exemption, and how does it affect your estate plan? The … [Read more...] about IRS Increases Estate and Gift Tax Exemptions for 2025
Patagonia Founder Gives Away His Company
"Patagonia Founder Gives Away His Company" by Attorney Alex Pagnotta (Audio) There are many different ways to gift money. You can gift $16,000 per person per year without having to file a gift tax return. If you gift more than that, then a gift tax return should be filed. This includes giving money or money’s worth to most friends and family. You can also gift money by contributing to a … [Read more...] about Patagonia Founder Gives Away His Company
Your Estate Plan and Tax Filings
There are many taxes that we pay over our lifetime. Here is a list of taxes we see while planning and settling estates. While you are living and if your income is high enough, you will need to pay income taxes to both the Federal Government and the State of Maryland. The forms generally used to file your income tax returns are the IRS form 1040 and the MD form 502. In most cases when … [Read more...] about Your Estate Plan and Tax Filings
Gifting Strategies to Consider
If you are fortunate enough to have extra funds that you will not need during your lifetime, a strategy for gifting is something to consider. The easiest and most straightforward way to gift is to give money directly to the recipient. You can give up to $14,000 per year per person without having to file a gift tax return. You can give more than that but it will require the filing of a gift … [Read more...] about Gifting Strategies to Consider
Gifting Strategies to Consider (Audio)
"Gifting Strategies to Consider" by Attorney Colleen Sinclair Prosser … [Read more...] about Gifting Strategies to Consider (Audio)
Portability in Estate Planning
Portability was introduced under the American Taxpayer Relief Act of 2012 and is effective for married persons dying on or after January 1, 2011. It has the potential to save you greatly in estate taxes, but you must act quickly if you intend to make a portability election. Here is some background: Currently, the federal estate and gift tax exclusions are unified at 5.34 Million Dollars, … [Read more...] about Portability in Estate Planning
“Portability in Estate Planning” (Audio)
"Portability in Estate Planning" by Attorney Brooke J. Shemer … [Read more...] about “Portability in Estate Planning” (Audio)
Listen to “Your Estate Matters” tomorrow morning (Tuesday) @ 8:50 a.m. on WNAV Radio
Make sure to tune in to WNAV Radio on 1430 AM or 99.9 FM on Tuesday mornings at 8:50 a.m. for YOUR ESTATE MATTERS! The attorneys of Sinclair Prosser Gasior relate cutting edge estate planning information to keep you up to date. The topic tomorrow is "What to Expect When You Are Inheriting" by Attorney Nicole Livingston … [Read more...] about Listen to “Your Estate Matters” tomorrow morning (Tuesday) @ 8:50 a.m. on WNAV Radio
American Academy of Estate Planning Attorneys – Highlights of Fall Summit
Recently I attended the Fall Summit of the American Academy of Estate Planning Attorneys. Legal experts from around the country presented valuable information on many topics that are common concerns for our clients. Some areas discussed, that I found extremely valuable, were: The Federal Estate Tax Portability Law: This law allows a surviving spouse to elect to use the deceased … [Read more...] about American Academy of Estate Planning Attorneys – Highlights of Fall Summit
The American Academy of Estate Planning Attorneys – Fall Summit Review (Audio)
"The American Academy of Estate Planning Attorneys Fall Summit Review" by Attorney Colleen Sinclair Prosser … [Read more...] about The American Academy of Estate Planning Attorneys – Fall Summit Review (Audio)
