The current federal tax exemption on estates and gifts is scheduled to drop from $5.12M to $1M at the end of this year. Here is a recent article from the Wall Street Journal.
For our clients, the main point of the article is: don’t delay, as all the professionals involved (appraiser, attorney, accountant) need time to put this all together.
Hulberg & Associates is experienced in estate planning, and one of our specialties is fractional interest valuation (which allows dramatically discounting the value of the gifted interest). If you need assistance with estate planning and fractional interest valuation in order to meet the tax exemption deadline, contact us. Hulberg & Associates has a team of knowledgeable appraisers to assist you.
Norm Hulberg, MAI