The Internal Revenue Services (IRS) has issued guidance for tax year 2019 which raises the individual lifetime gift and estate tax exemption limit to $11,400,000 per person. This means that a married couple may now gift up to $22,800,000 to relatives during life or at their death, gift and estate tax free.

The 2019 annual gift tax exclusion remains level from 2018 figures at $15,000 per person, or $30,000 per couple.

Of course, these greater exemption amounts give our high net worth clients particular reason to consider utilizing wealth transfer strategies to maximize their use of their exemption. While there is considerable debate among tax practitioners whether these exemption levels are here to stay, many believe that exemptions will likely go down in 2024 when the TCJA (the "Trump Tax Cut") expires. Accordingly, we advice to use this exemption while you can -- we can offer a number of possible solution to accomplish this task.

Please call (480) 930-5859 for more information.