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To Do: Year-End Gifting – Check (or not)

With the end of the year approaching, we thought now would be a good time to re-post and update our annual blog entry on gifting.

For 2021, the annual exclusion gift amount will remain the same as 2020’s at $15,000, but the lifetime gift and estate tax exemption will increase to $11,700,000 (up from 2020’s $11,540,000).

With ten days left in the year, many people are still planning how to make 2020 gifts, whether by making “annual exclusion” gifts of $15,000 per beneficiary, or by taking advantage of the 2020 gift tax exemption amount of $11,540,000.  Whatever the reason for the last-minute gifting, as the end of the year approaches, people may be tempted to make a “quick and easy” gift to their beneficiaries by simply writing a check. As the year draws to a close, however, if your gift is dependent on utilizing 2020 tax law, beware of the

BCLP Partners Doug Stanley and Kathy Sherby Present at Missouri Bar 2020 Annual Estate, Trust & Elder Law Institute

December 16, 2020

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BCLP Partners Doug Stanley and Kathy Sherby presented at the Missouri Bar 2020 Annual Estate, Trust & Elder Law Institute held on December 10 and 11, 2020.  Kathy discussed the topic SECURE ACT: How it Changes Basic Planning Strategies and also the topic The Good, the Bad, & the Ugly: Ethical Representation in a Pandemic.  Doug presented on the topic Tax Issue Spotting.

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