Does Your Estate Plan Protect Your Digital Assets?
Each year presents a new opportunity for you to revamp your estate plan. When the calendar turns over, take a peek at your strategy once again.
Gift Tax Basics
By JAMES EMMA
Sharing your wealth with family, friends, and loved ones may be easier said than done.
The IRS prevents the tax-free transfer of wealth both before and after death. The estate tax applies when you transfer wealth after death, and the gift tax applies when you transfer wealth during your lifetime. Although their rules are a bit different, the two taxes go hand in hand, which is something to be discussed later. But first, let’s go over the basics of gift taxes and discuss how the gift tax laws will impact you now and into the future.