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Less Now or More Later? Taxes, That is…

In 2021, you can give away more… The amount you can give away (gift exemption) without owing any federal gift tax is the highest it has ever been – $11,700,000. However, President Biden campaigned on raising taxes and has proposed to tax the transfer of property as low as $3,500,000 at a rate of 45%. Even without enacting this proposal, in 2026 the exemption is lowered to $5,000,000 (indexed).

President Biden has also proposed to levy a capital gains tax as high as 39.6% on unrealized appreciation on assets passed at death. Therefore, this may be the last year you can pass on so much to whomever you wish and pay nothing in federal gift taxes. Read More

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