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Each year, certain federal gift, estate and generation-skipping transfer (GST) tax figures are subject to inflation adjustments:
There are changes to exemptions in two of our footprint states as well:
Note also some changes to retirement plan contribution limits:
An individual who gives up U.S. citizenship or long-term residence status may be subject to a mark-to-market tax on the deemed sale of all assets and to other adverse tax consequences, if the individual's net worth is more than $2 million or if average annual income tax liability is above certain thresholds. A certain amount of gain is excluded from the mark-to-market tax. Note these changes:
Day Pitney Estate Planning Update
Day Pitney Generations Newsletter
Day Pitney Estate Planning Update
Day Pitney Estate Planning Update
Day Pitney Estate Planning Update
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.