Nov. 30, 2021—Gifting assets can help those in need while also providing the donor with potential tax benefits. In fact, a well-planned gifting strategy can reduce certain estate taxes, leaving your beneficiaries with a potentially larger inheritance upon your death. In today’s podcast, Director of Wealth Strategies Matthew Lee explores gifting and the critical role it can play in a successful wealth plan.
Now is the time to consider both conventional and situational strategies.Routine year-end planning includes income tax, capital gains, annual exclusion gifting, and estate planning considerations.Supplementing your routine strategies with situational strategies can help further enhance your financial and tax positions.A well-coordinated plan is key to utilizing this year’s opportunities and being well prepared for what may come in the future. First and foremost, wealth planning is a process.
It’s a Thriller! What is a celebrity’s name and image worth after they die? Michael Jackson’s name and image was valued on his estate tax return at ~$2,000, by the Internal Revenue Service (IRS) on audit at ~$435 million and by the Tax Court at ~$4 million.