One of the cornerstone goals of most financial plans for the successful entrepreneur is to eventually transfer some of the value of their life’s work and identity to the next generation without their wealth being unnecessarily eroded by the federal and/or state estate tax. Currently, this exemption sits at $11.58 million per individual or a combined $22m+ per couple, leaving only a small percentage of successful estates potential subject to this tax.
Combined with the ability to gift $30,000 annually (for married couples splitting gifts) to any number of defined beneficiaries without applying against the lifetime exemption, clients often forget the changing tides of the estate tax exemption may force them into a vastly differently situation down the line during times of legislative change….
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