Again this President seeks to penalize those who have been successful financially. The new proposal from the White House seeks to limit annual gifting to $50,000.00 dollars total per year. Instead of limiting it per individual they’re seeking to limit it to a total of $50,000.00 dollars in the year beginning in 2015. That may require additional gifting in 2014 to meet Estate Tax Objectives. This will make transferring wealth between family members difficult. We will wait to see what other challenges this Administration brings against those who have been hard working and successful.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.