Annually, the IRS determines the gift tax exclusion limit, enabling individuals to transfer a specified sum (for 2024, $18,000) to each recipient without tapping into their lifetime gift and estate tax exemption, set at $13.61 million for 2024. Married couples have the advantage of doubling this amount, allowing them to bestow $36,000 per recipient each year starting from the following year.
- Legacy Trusts Explained – Discover how a Legacy Trust offers solid asset protection. (1 of 3)
- Legacy Trusts for Married Couples – Learn how these trusts safeguard personal assets and small business interests while allowing distributions to spouses, children, or grandchildren. (2 of 3)
- SLAT Conversion Strategies – With uncertainty surrounding the Federal Estate Tax exemption, see how a Legacy Trust can be seamlessly converted into a Spousal Lifetime Access Trust (SLAT) to remove assets from exposure to future estate taxes for added flexibility. (3 of 3)