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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
September/October 2024
Take Advantage of Higher Exemptions
Lifetime exemption limits for transferring wealth are historically high, but their end may be on the horizon. Current lifetime exemption amounts are set to expire on December 31, 2025, unless Congress acts to extend them. Reviewing your wealth preservation strategies with your financial, tax and legal professionals will help ensure you’re taking full advantage of the opportunities available to you. Consulting your tax professional can help prevent unwelcome surprises.
The Federal Estate Tax Exemption
Individuals can gift up to $13.61 million to their heirs free of federal estate taxes. This amount doubles to $27.22 million when a spouse joins in the gift.The GST Tax Exemption
The generation-skipping transfer (GST) tax applies when grandparents directly transfer assets to their grandchildren or other individuals without first leaving the assets to their children. However, the generation-skipping transfer tax exemption is an amount that can be directly transferred to grandchildren, or into a GST trust for their benefit, without incurring federal GST taxes.Annual Gift Tax Exclusion Amount
Individuals can gift up to $18,000 ($36,000 for a married couple) to an unlimited number of recipients free of federal gift taxes. Recipients pay no federal taxes on the gifts. Gifts greater than the annual exclusion amount will count against the giver’s lifetime gift tax exemption.Other Exceptions
Payments made directly to a qualifying educational institution for a child’s or grandchild’s tuition are not subject to federal gift tax. In addition, direct payments made to a medical provider or medical institution for an individual’s care are not subject to gift tax.Trusts Offer Advantages
Trusts may be a useful vehicle for individuals to take advantage of annual gift tax exemptions and exclusions. Lifetime irrevocable trusts allow grantors to transfer assets into the trust using their lifetime exemption and exclusion amounts, in lieu of making cash payments to beneficiaries. Grantor-retained annuity trusts (GRATs) allow grantors to transfer assets to recipients, while reserving the right to receive annual annuity payments. Assets remaining in the trust pass tax free to beneficiaries.GE-6734756.1(7/24)(Exp.7/26)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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