Estate Planning

IRS Announces Higher 2019 Estate and Gift Tax Limits

IRS Announces Higher 2019 Estate and Gift Tax Limits

Estate Planning, Financial Planning, Tax Planning

The IRS has announced that in 2019, the estate and gift tax exemption will be increased to $11.4 million per individual, up from $11.18 million in 2018. This means that an individual can leave $11.4 million to heirs and pay no federal estate or gift tax and a married couple will be able to leave up to $22.8 million. While the federal exemption amount is considerably high, there are some states that have lower state estate and gift tax exemption amounts.

The federal estate and gift tax exemption was doubled with the 2017 Tax Cuts and Jobs Act. When the Tax Cuts and Jobs Act was passed, the new rules were set to expire at the end of 2025. However, the Republican party is trying to make the new estate and gift tax exemption amount permanent.

The annual gift exclusion will remain at $15,000 per year in 2019. This means that an individual can gift up to $15,000 to as many other individuals as he or she would like. A married couple can each make $15,000 gifts. For example, if a married couple have three children, they can gift up to $30,000 to each child annually without being required to file Form 709, the U.S. Gift Tax Return. If you have questions about this, please reach out to our office at 775-850-5620.

 

Important Disclosure Information: The information contained within this blog is for informational purposes only and is not intended to provide specific advice or recommendations. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Schultz Financial Group Incorporated), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Schultz Financial Group Incorporated. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Schultz Financial Group Incorporated is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Schultz Financial Group Incorporated’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Schultz Financial Group Incorporated 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 Schultz Financial Group Incorporated’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Where you want to go in life is up to you. How to help you get there is up to us.

Contact us today to start your journey…

Contact

Schultz Financial Group Inc.
10765 Double R Blvd. Suite 200
Reno, NV 89521
Phone: (775) 850-5620
Fax: (775) 850-5639
Email: info@sfginc.com

Where you want to go in life is up to you. How to help you get there is up to us.

Contact us today to start your journey…

Contact

Schultz Financial Group Inc.
10765 Double R Blvd. Suite 200
Reno, NV 89521
Phone: (775) 850-5620
Fax: (775) 850-5639
Email: info@sfginc.com

Design by Jason Design Studio | Design by Refresh Design Services | Copyright © 2018 Schultz Financial Group Inc.

Design by Jason Design Studio
Design by Refresh Design Services
Copyright © 2018 Schultz Financial Group Inc.

More Insights from SFG

30
December, 2018
Growing Out of Knee Pain

There is a new knee procedure, just approved by the FDA in 2016, that is starting to gain popularity. It can help those with knee cartilage damage not associated with osteoarthritis, such as athletes or individuals who would like to avoid (or don’t qualify for) knee replacement surgery. The procedure involves growing new cartilage to help repair the damaged, resulting in stronger knees and much less pain.

20
December, 2018
Caroling at the VA

Another one of SFG’s beloved traditions is caroling at our local Veterans Hospital, which we’ve been doing for eight years now. Each December we gather our spouses, children, parents, and friends — the more the merrier! — and spend an afternoon singing Christmas carols to (and with) the veterans at the hospital. This year we sang in the main dining hall and also walked around the hallways so patients in their rooms could hear as well. Many of them joined in, requested songs, and sang merrily with us.

19
December, 2018
Bond Prices and Interest Rates

It is important to understand how a rising-rate environment impacts bond prices. A principle of finance is that when interest rates go up, bond prices go down.