Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Gift Now, Save Later?

Details

  • Description

    PwC partner in the private company services group Brittney Saks on the federal gift tax exemption.

  • Duration 3:19
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

But I -- If now save later man while the new tax laws -- -- -- you wearing in changing federal gift tax exemptions and rates comment.

Now the time to protect -- gifted assets.

Britney -- price Waterhouse -- personal financial services -- Eric here with festive sort this out.

I'm here -- more more people talk about this because.

Right now be single person can gift that means no taxes no nothing five point 12 million dollars right right.

If we pull up the fiscal -- it goes down two million.

It has -- -- it it and -- hear a lot about the income tax and the increases that are there.

But really people need to take advantage of this window of opportunity.

To -- with the estate and gift tax rates as you're saying.

A lifetime exemption to go from 5120000.

Per person -- 21 million starting in January.

Same thing with the rates right now the gift tax rates just 35%.

It's scheduled to go up to 55%.

Come January as well so it's really -- time to really think through your gifting strategy and whether or not you wanna take advantage of the lot -- -- -- today.

An estate tax is this right now is basically nearest the gift tax lately you will go from 35 to 55 there's so much planning for people that have money.

Because they could really be benefiting from kind of -- free gifting right now.

Well -- Oxley there's a lot of considerations and it's certainly have to look at your overall and financial situation and determine.

What if you're ready to guest but clearly if you have assets in your in a position that you can guest.

Gifting appreciated assets to get it out of your state to get it in the hands of your -- or others is a good idea right now.

Give us -- add to that if you give to education or medical expenses and you just send a -- to the institution.

Nothing doesn't even buy into your exclusion.

It doesn't you have an annual exemption of thirteen thousand dollars a year and right now it if you do decide to.

-- paid directly -- tuition norm directly to for a medical it will not -- count against that annual amount the thirteen thousand let alone the lifetime amount.

Right so anyone that needs something to do with their money and a send you my kids to college -- -- senate senate to the cost than any other thing that I'm thinking in my own little twisted head is right now married couple can gift.

-- five point 12 twice which brings meet its.

Ten point 24 million dollars even if I'm not married -- messages go get married and give away ten million dollars.

And then he'll -- -- -- -- next year.

On academia marriage of bank and I.

But your right in the sense that you might -- trying to get to get your credit eighty million dollars.

Right that's.

Out of your state level on the appreciation going forward absolutely -- this is the time to consider it so look at what look at the -- you have talked to your advisors.

Yeah thing -- to think about is how to get -- Allen picture which assets together but how -- -- to -- because.

If you're looking to give let's say to your children.

You really wanna give them outright eight million dollars and a probably not if I -- to take advantage of trusts.

Trust at least you can set up and dictate.

You know when they can get at the assets how under what circumstances Tony Smart about how you're doing your gifting us.

Britney make a great point because you can put -- -- insurance policies your house just that anything in a trust these days so people really need to sit down and talked to there isn't there -- absolutely -- more time for this but it will come up again and again so thank you come back --

Load More