Happy New Year – 2021! Now, Let’s Discuss Taxes!

The IRS has increased exemptions for 2021, which could be helpful to you. Specifically, the federal estate tax exemption has increased to $11.7 million (up from $11.58 million in 2020.) This is the amount you can transfer at your death or (as a lifetime credit) transfer as a gift during your lifetime (less gifts you have already made). As this tax exemption sunsets at the end of 2024 and returns to 2017 exemption amounts ($5.49 million), the current exemption presents an estate planning opportunity for you.

The annual gift tax exclusion amount remains $15,000 in 2021.

Happy Holidays & Farewell, 2020!

The holidays have arrived and the new year will be soon upon us. Safe to say, many of us are ready to say goodbye to 2020!

As you make your list of plans and goals for 2021, it may be time to put an estate plan in place or revisit your existing plan. We are able to meet via videoconference, from the safety of your home. And we can assist you with remote signing of documents. Contact us to discuss how we can help you in 2021.