You are at: Planned Giving > News
Wednesday June 7, 2023
Bypass the Estate Tax
There are both temporary and permanent rules for federal estate planning. These principles are helpful in creating estate plans, but it is important to understand the potential future changes.
Estate Exemption – For the years 2018 through 2025, the applicable exclusion is in excess of $10 million, indexed for inflation. Thereafter, it will revert to $5 million per estate plus inflationary adjustments. This amount also applies to gifts and to generation skipping transfer taxes.
Estate Tax Rate – Those estates over the exclusion...MORE
Federal Debt Limit Agreement Avoids U.S. Default
With a vote of 314 to 117 in the House of Representatives and 63 to 36 in the Senate, Congress sent the Fiscal Responsibility Act of 2023 to the President. When the President signs the bill, the threat of a default on U.S. debt and obligations is avoided.
There was a sigh of relief in Congress, the White House, the financial markets and by world leaders. All were hoping for a compromise and bipartisan support for the bill.
After extended negotiations between President Biden and Speaker of the House Kevin McCarthy, a bipartisan compromise was reached. The bill suspends the debt limit of $31.4 trillion until January 2025. After the next election in November of 2024, the new Congress and Administration will need to...MORE
Social Security Benefits for Family Members
What are the Social Security benefits for family members? What are the qualifications for eligibility?
Depending on your specific circumstances, you may be eligible for Social Security benefits as a...MORE