This article was written by Gunnar M. Crowell, JD, Senior Charitable Estate Planning Advisor, American Heart Association. We at Vasiliadis Pappas Associates believe it represents a comprehensive explanation of important provisions relating to federal income taxation set to take effect in 2026. Bear in mind it was written for estate planning professionals. Consequently, it may
The Internal Revenue Service (IRS) has released its tax inflation adjustment figures for tax year 2025. Annual Gift Tax Exclusion Effective January 1, 2025, you will be able to make individual gifts of up to $19,000 in the calendar year (an increase from $18,000 in 2024) tax-free. In other words, giving more than $19,000 to
Did you ever wonder what happens to most inheritances after they are received? An Ohio State University study determined that those who receive an inheritance spend half. One-third of those who received an inheritance spend it all within two years and end up with negative savings. Unfortunately, a typical inheritance does not provide sustained financial
