Now’s the time to review your GST tax exposure
Absent congressional action this year, the federal gift and estate exemption and the generation-skipping transfer (GST) tax exemption (currently $13.99 million) are scheduled to return in 2026 to their pre-2018 levels of $5 million (around $7 million adjusted for inflation). This article explains that now is the time to review one’s estate plan for potential GST tax exposure given the fact that the exemption amount may drop in 2026.
What’s my collection worth?
Proper estate planning is important when accounting for works of art
Paintings, sculptures or other art pieces may represent a significant portion of a person’s estate. Thus, these assets must be properly accounted for in his or her estate plan. While preserving the value of the collection and avoiding unnecessary taxes is important, ensure that an estate plan spells out how the collection will be managed and displayed after the owner dies. This article explains why it’s critical to have an art collection appraised every one to three years. It also details three options when addressing an art collection in an estate plan.
Revisit your buy-sell agreement in light of U.S. Supreme Court decision
Buy-sell agreements are essential estate and succession planning tools for many family businesses and other closely held companies. These agreements ensure that a business stays within the family or other ownership group. Typically, this is accomplished by providing that if an owner dies or leaves the business, the company or the remaining owners are permitted or required to purchase his or her interest. This article details a recent U.S. Supreme Court case (Connelly v. United States) involving a buy-sell agreement that resulted in the Court siding with the IRS’s decision to assess nearly an additional $1 million in estate tax.
Estate Planning Pitfall
You don’t understand the rules when splitting gifts
One of the easiest ways to reduce the size of a taxable estate is to take advantage of the gift tax exclusion. For 2025, a person can transfer up to $19,000 per recipient gift-tax-free. He or she can double the exclusion to $38,000 per beneficiary when splitting the gifts with a spouse. This article explains why it’s critical to understand the rules of gift-splitting to avoid unintended — and potentially costly — mistakes.
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