Lower the Amount of Taxes You’ll Pay for Life

by | Feb 7, 2022 | Wealth Management

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This white paper discusses tax planning from a federal estate and gift tax perspective for 2022 and many of the techniques discussed could reduce your overall income tax burden. *

In the white paper we discuss:

  • Making gifts to children and grandchildren while incurring little or no gift tax;
  • Avoiding gift tax reporting by making direct tuition payments for any individual;
  • Excluding from gift taxes all payments you make directly to medical providers on behalf of another individual (subject to limitations);
  • Superfunding a 529 college savings plan;
  • Charitable gifts; and
  • Other advanced planning techniques. **

Updating your tax strategy now — before the current Tax Cuts and Jobs Act of 2017 (the “TCJA”) rules expire — could lower the amount of taxes you’ll pay for LIFE. Please contact us and we will share more details.

* You should consult your own tax, legal and financial advisers about your individual circumstances and
before engaging in any transaction. The ability of a taxpayer to make tax-free transfers is subject to a variety of limitations depending on the donor’s specific tax situation.

**Although the Tax Cuts and Jobs Act of 2017 (the “TCJA”) made significant changes to our tax code, the transfer tax system remained relatively unchanged. The most notable change in the TCJA was the doubling of the estate and gift tax exclusion amount and the generation skipping transfer (“GST”) tax exemption amount. The TCJA also made numerous changes that may impact certain family businesses and private foundations.

Prepared by: Focus Fiduciary Solutions, LLC (“FFS”). FFS is a corporate trustee and estate administration solution for Focus partner firms and their clients.  BFSG is part of the Focus Financial Partners partnership. 

Disclosure: BFSG does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to BFSG’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please see important disclosure information here.

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*Please Note: Limitations.  The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent.  BFSG does not prepare legal documents or tax returns, nor does it sell insurance products.  Please Also Note: Different types of investments involve varying degrees of risk.  Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.

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