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2024 Gift Planning Strategies in Light of Increased Tax Exemptions and Other Key Tax Provisions

Balancing Income and Transfer Tax Benefits, Determining the Appropriate Gifting Strategy, Tax Basis Planning

Recording of a 90-minute CLE/CPE video webinar with Q&A

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Conducted on Tuesday, January 23, 2024

Recorded event now available

or call 1-800-926-7926

This CLE/CPE webinar will provide estate planners guidance on key gifting strategies for individuals and couples under current tax law and in light of increased gift, estate, and generation-skipping transfer tax (GST) exemptions for 2024. The panel will discuss mechanisms for balancing income and transfer tax benefits, key gifting considerations, asset selection, and other critical items for estate planners.

Description

The gift, estate, and GST tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities. Estate and trust counsel must reevaluate planning mechanisms for estates and trusts. A key focal point for an effective estate plan involves a critical analysis of gifting strategies and other related transactions under current tax law.

Gift and estate tax exemptions increased to $13,610,000 for 2024 with married couples being able to transfer $27,220,000. For those who maximized lifetime gifts under previous limits, additional tax-free gifts may be made in 2024. This increase in exemptions has also been applied to GST as well. In addition, the annual exclusion amount has also increased for tax-free gifts up to $18,000 or $36,000 for a married couple splitting gifts.

Estate planning counsel must recognize available gifting techniques and determine if they are appropriate to avoid unintended tax liability while also maintaining the client's intent. Understanding the advantages and potential ramifications of making gifts and transfers during life and other methods will ensure adequate planning for an estate.

Listen as our panel discusses effective balancing of income and transfer tax benefits, key gifting considerations, asset selection, and other critical items for estate planners.

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Outline

  1. Key gifting considerations under current tax law
  2. Determining the appropriate gifting strategy
  3. Gifting to minimize income taxes
  4. Gifting to minimize transfer taxes
  5. Best practices and other planning options

Benefits

The panel will discuss these and other key issues:

  • What are the critical gifting considerations under current tax law?
  • What are the items to consider when determining the appropriate gifting strategy?
  • What options are available to minimize income taxes?
  • How do you ensure optimum tax basis planning?
  • What options are available to minimize transfer taxes?

Faculty

Clear, Michael
Michael T. Clear
Partner
Wiggin and Dana

Mr. Clear focuses his practice on estate planning, estate and trust administration, probate litigation, and...  |  Read More

Maczko, Vanessa
Vanessa L. Maczko
Partner
Wiggin and Dana

Ms. Maczko is a Partner in Wiggin and Dana’s Private Client Services Department in the Greenwich, CT office. She...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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