Preservation | Family Wealth Protection & Planning


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Posts from April 2018.
By Keith Herman on April 27, 2018 at 1:35 PM

$100 bills sticking out of a white and red gift boxOn December 22, 2017, President Trump signed into law what is commonly known as the Tax Cuts and Jobs Act of 2017 (2017 Act). The 2017 Act increased the estate, gift, and generation-skipping (GST) transfer tax exemptions to $10 million, indexed for inflation ($11.18 million for 2018), and retained the estate/gift/GST tax rates of 40 percent. The gift tax exemption is now significantly larger than it has ever been, and larger than it was ever expected to be. Below are 10 things to consider in determining whether to make a gift to take advantage of the existing $11.18 million gift tax exemption. In addition to the tax benefits, making a gift during your lifetime allows your children or other beneficiaries to benefit from the gift, and you will also benefit by seeing them enjoy it.

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By Trusts & Estates Practice Group on April 25, 2018 at 11:15 AM

IRS lists AFRs for May 2018The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for May 2018. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Here are the rates for May 2018:

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By Trusts & Estates Practice Group on April 6, 2018 at 9:50 AM

Four hands raising bidding paddles in the air at an auction“Any other bids? And….sold to No. 45 for $1,500!”

Yes! You have outbid the other contenders at the local humane society’s charity auction to win a five-night stay at a condo in Destin, Florida, in August. You think, “Not only did I get a great vacation, I also get a tax deduction for my donation!” Or do you?

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