What Does Gifting Under the Biden Administration Mean for Your Wealth Plan?

Alvina H. Lo |
Wealth Planning

The Biden administration’s impact on tax legislation is still uncertain. With the potential for a considerably reduced federal gift tax exemption, now may be a good time to make significant gifts. Barring any intervening legislation, the current exemption amount is slated to sunset on December 31, 2025 (www.irs.gov). Therefore, it may be more important than ever to revisit your planning especially since tax legislation has the potential of being retroactive.


Managing the Tax Basis of the Assets in Your Trust Can Reduce Income Taxes

Thomas Kelley, CPA, CFP®, AEP® |
Emerald GEMs

November 3, 2020— A common mistake some people make is once they create a trust, they forget about it. They don’t see that ongoing evaluation of the trust and its tax basis can potentially yield income tax benefits down the road. Director of Income Tax Planning Tom Kelley discusses how you can potentially reduce your income tax liability by proactively managing the assets in your family’s trusts.