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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
Forewarned is forearmed. Unless Congress passes new estate-tax legislation, the historically high estate-tax exemptions for 2024 and 2045 will be just that—history—at the end of 2025 (see table). What might you do to take advantage of the higher exemptions before it’s too late?
Start by making lifetime gifts in 2024 and 2025—Gifting to your loved ones and charities assets while alive to enjoy seeing your gifts improve their lives and support your causes.
Review your personal gift program—If it works for you, maximize your personal gifts in 2024 and 2025 to reduce your estate for 2026. In 2024, the annual gift-tax exclusion lets you give up to $18,000 (estimated) free of estate and gift tax to as many individuals as you like. Gifts you make directly to medical providers and educational institutions for tuition on behalf of parents or grandchildren, for instance, are another way to downsize your estate to avoid future taxes. This exclusion is in addition to the annual gift-tax exclusion.
Consider making some charitable contributions planned for the future now—If you can, without affecting your charitable contribution income-tax deduction, make higher contributions to your favorite charities in 2024 and 2025.
Don’t shortchange yourself—Avoiding or reducing tax isn’t everything. Before setting out on an estate-tax-cutting campaign, arrange to carefully analyze your situation with your professional advisor to ensure you’re keeping enough to maintain your lifestyle amid potential future inflation and volatile markets
* Except for tax rate, amounts would be doubled for a married couple.
** As of publication production.
*** A flat rate is used for illustrative purposes.
GE-6175675.1(12/23)(Exp.12/25)
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GE-4833845.1 (7/22)(Exp. 7/24)
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