A $14 Million Dollar Sunset: Plan For The Potential Gift Tax Reduction
In this webinar recorded on July 25, 2024, Tax Partner Steve Hueffner provides an overview of the potential sunsetting of the current $14 million dollar gift tax exemption reduction. In the webinar Steve emphasizes the importance of wealth transfer planning, considering family goals, lifestyle, age, and asset mix. Various gifting methods are explored, including direct and indirect gifts, as well as concepts like Spousal Lifetime Access Trust (SLAT), Irrevocable Grantor Trusts (IGTs), and Family Investment LLCs or Family Limited Partnerships. The reduction in exemptions could significantly impact a multitude of planning strategies in this area.
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