The Treasury Department and Internal Revenue Service recently confirmed that gifts made under the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted when the exclusion amount is scheduled to drop to pre-2018 levels on January 1, 2026. —Sarah Roscioli
The IRS increased the contribution limit amounts for some retirement accounts for 2020. Find out if where you can make additional tax-free contributions for your retirement. —Mary-Benham B. Nygren.
Baby boomers are entering retirement. Most boomers are unprepared for the probability they will need long-term care. —Mary Ford
A power of attorney can save your family time and money (and headache) if you later become unable to make financial decisions on your own. If you can contemplate any scenario in which someone might need to act on your behalf related to your finances, you should execute a power of attorney now (while you still can). —Bryce J. Helfer
The IRS released the 2020 Estate, Gift and Generation-Skipping Transfer Tax lifetime exemption amount. Find out what you can transfer tax-free to family and friends. —Sarah M. Richards
The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.