Feigenbaum Law

gift tax

Gift tax

Personal Tax Planning

IRS Announces a “Use it or Lose It” Provision for Current Estate and Gift Tax Exemptions

Earlier this week, the IRS announced that taxpayers taking advantage of the increased gift and estate tax exclusion amounts in effect between 2018 and 2025 will not be adversely impacted when the exclusion amount is scheduled to decrease to pre-2018 levels  in 2025. Gift Taxes, Estate Taxes and the Exclusion Amount Gift and estate taxes apply to transfers of money, property, and other assets. These taxes are calculated using a unified rate… Read More