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IS IT TIME TO CREATE AND INITIATE A GIFTING PLAN?nnFor the past 7 years, people in the higher echelons of accumulated wealth have enjoyed an unprecedented federal estate tax exemption which is now almost $14 million per person, which for married couples could translate into almost $28 million.nnHowever, this level of exemption will not last forever, as it is scheduled to sunset and be reduced to approximately $7 million per person at the end of 2025. The estate tax rate is 40% of the amount that exceeds the exemption.nnIn addition, residents of Illinois should not forget that Illinois also imposes estate taxes on estates valued at greater than $4 million. Under the algorithmic calculation of that tax, accomplished through the Illinois Attorney General’s website, a $5 million estate will generate an Illinois estate tax of almost $300,000.00. That’s real money.nnTherefore, for those persons whose estates will incur such taxes, it is time to consider a lifetime gifting plan in order to reduce or eliminate the obligation on your loved ones to pay such taxes The amount of such lifetime giving will depend upon a number of factors, including family dynamics, the ability of the younger generation to manage sizable gifts, the assets available for gifting, the cost basis of the assets, and the level of control the senior family member desires to maintain. Each family comes with a different set of factors to be considered.nnIn the past I have helped my clients develop and implement such plans and would benpleased to discuss the feasibility, advantages, and disadvantages of such a plan withninterested persons. #gifting #giftingplan #taxsavings...