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Now is a crucial time to review your estate and gifting plans! With the federal estate and gift tax exemption set to be halved after 2025, high-net-worth individuals and families need to act now to work towards minimizing tax burdens and securing financial goals. Read the full insights and take proactive steps today: https://lnkd.in/eyNby387 #EstatePlanning #Gifting #FinancialPlanning #TaxStrategies #TCJA https://lnkd.in/eYyqr893

Things to think of as we approach 2026. High-net-worth individuals and families who benefit from the historically high federal estate and gift tax exemption may soon see it reduced by half. Read why now may be a good time to review your estate and gifting plans.

Maximize Your Gift Strategy 💰💰 Planning to gift cash this year? Here’s how to do it strategically while staying within IRS limits. 🎁Annual Gift Tax Exclusion: You can give up to $18,000 to any individual without triggering gift tax requirements. If married, both you and your spouse can give $18,000 each to an unlimited number of people tax-free. 👀Gifts Above $18,000: Want to give more? Anything over $18,000 per person must be reported on Form 709 (Gift Tax Return). You won’t pay tax immediately, but it reduces your lifetime gift exemption limit of $13.61 million. 🏌️♂️Lifetime Limit Changes Ahead: This exemption limit could revert to around $5 million in 2026, so now may be a great time to take advantage of the higher limit. 📚Direct Payments for Tuition or Medical Bills: Pay directly to a school or medical provider, and it won’t count toward your gift tax limits—an extra way to support loved ones without tax implications. For personalized guidance on tax-efficient gifting, reach out to Global Hill Wealth Advisors and make the most of your financial strategies today! 📧 [email protected] 📞 866-722-7444 #WealthPlanning #GiftTax #TaxStrategy #GlobalHillWealth #FinancialPlanning Disclosure: This post is for informational purposes only and does not constitute financial, tax, or legal advice. Please consult a qualified advisor before making any financial decisions.

A quick reminder this holiday season... Technically, every gift you give (outside of an employment context) counts against the annual exclusion you have available for the recipient. This usually isn't an issue, unless: (1) You give someone total gifts having a value of more than $18,000 not just for the holidays, but cumulatively during 2024 (which creates a gift tax filing requirement); (2) You wish to "borrow" some of your spouse's gift tax annual exclusion for gifts over $18,000 to any one recipient (which creates a gift tax filing requirement); or (3) You are creating Crummey withdrawal rights at year-end (which, if capped by the annual exclusion, technically must be reduced by prior gifts during the year which use the annual exclusion with respect to the power holder... this might use some of your lifetime gift tax exclusion while - you guessed it - creating a gift tax filing requirement). So, if you are on the cusp, remember to track how much that bunny suit is really worth. Coming up next week, I will dive into some of the headaches that Crummey powers create... #estateplanning #trustsandestates #tax #financialplanning #cfp #wealthplanning #wealthmanagement #taxstrategies #taxcompliance

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications. https://buff.ly/4hlPFu4 #GiftTax #GiftingStrategies

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications. https://buff.ly/4hlPFu4 #GiftTax #GiftingStrategies

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications. https://buff.ly/4hlPFu4 #GiftTax #GiftingStrategies

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications. https://buff.ly/4hlPFu4 #GiftTax #GiftingStrategies

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications. https://buff.ly/4hlPFu4 #GiftTax #GiftingStrategies

How will the sun set impact you? High-net-worth individuals and families who benefit from the historically high federal estate and gift tax exemption may soon see it reduced by half. Read why now may be a good time to review your estate and gifting plans.