Take Advantage of the Increase In Estate and Gift Tax Exemptions While You Still Can
The window to pass substantial assets to your heirs or other individuals without incurring any gift tax remains wide open—for now. However, it’s scheduled to close at the end of 2025. That means there’s no time to lose in putting a strategy in place—or reviewing your current strategy—to maximize this opportunity before it’s gone.
Why is this important?
Today’s increased exemption amounts create opportunities to make larger lifetime gifts and leverage more assets through a variety of estate and legacy strategies and techniques, and to shift income producing assets to individuals such as children or grandchildren who may be in lower income tax brackets and/or reside in states with a low-income tax rate or no state income tax.
What are the exempt amounts for 2023?
What should you be thinking about now?
To learn more about strategies for managing your income and assets in retirement, contact the office to schedule time to talk.
1 “Estate and Gift Tax FAQs.” IRS.gov, https://www.irs.gov/newsroom/estate-and-gift-tax-faqs. Accessed 28 Feb. 2023.
6 Ways to Pack More Punch Into Your Daily Diet This Month
National Nutrition Month, which is celebrated in March, stresses the importance of a balanced diet. Understanding the relationship between health and diet can be especially important as people age since nutritional needs change over time. However, making changes can be challenging, due to conflicting information about what constitutes a healthy diet, personal dietary requirements, budgetary concerns, or a lack of access to fresh produce and ingredients.
In addition, we’re often not aware of some of the natural changes that occur with aging that can alter hunger and thirst cues, or how the body absorbs certain nutrients. Vitamin B12 is a good example. B12 is vital for the healthy functioning of the nervous system and helps your body make red blood cells. However, the ability to absorb B12 can decrease with age. It can also be affected by certain medications. Feelings of thirst can also decline with age, resulting in many older adults falling short of their daily hydration needs.
The more you learn about nutrition and aging, the better you can help protect your health for years to come. If you’re looking for ways to make a few healthy changes while ramping up the nutrient value in your daily diet, check out five easy ways to get started below.1
Want to know if you’re getting enough of the nutrients you need to maintain a healthy lifestyle? Visit Nutrition.gov and take the online nutrition quiz.2
1 “Life stages/older adults.” MyPlate.gov, https://www.myplate.gov/life-stages/older-adults Accessed 27 Feb. 2023.
This information was written by KRW Creative Concepts, a non-affiliate of the broker-dealer.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.