November 1, 2020
Estate planning angles
If you haven’t reviewed your will and estate plans for several years, this would be a good time to take a look at them. Changing family circumstances (births, deaths, divorces, retirements) are occasions for such evaluations. If major assets mentioned in the will have been sold, such as real estate or business interests, that’s another good reason to make an appointment with the estate planning advisor.
Annual exclusion gifts. The first $15,000 in annual gifts to one person are free of gift tax. For married couples, one of them may give $30,000 and “split” the gift with the other, doubling the tax protection.
Gifts of appreciated securities to children or grandchildren carry an income tax bonus. The children may be in the 0% bracket for capital gains, and so may harvest that appreciation tax free.
