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Ken Coulthard, CFP®

Program Manager, Financial Advisor

 

Southeast Financial Wealth Management

5110 Maryland Way, Suite 100

Brentwood, TN 37027

 

Phone:    615-371-3737

Fax:        615-377-0090

TollFree: 800-521-9653, Ext 2317

 

Email: kcoulthard@southeastfinancial.org

March/April 2024

Estate Planning Moves You Want to Make Now

Estate Planning Moves You Want to Make Now

Forewarned is forearmed. Unless Congress passes new estate-tax legislation, the historically high estate-tax exemptions for 2024 and 2045 will be just that—history—at the end of 2025 (see table). What might you do to take advantage of the higher exemptions before it’s too late?


Start by making lifetime gifts in 2024 and 2025—Gifting to your loved ones and charities assets while alive to enjoy seeing your gifts improve their lives and support your causes.


Review your personal gift program—If it works for you, maximize your personal gifts in 2024 and 2025 to reduce your estate for 2026. In 2024, the annual gift-tax exclusion lets you give up to $18,000 (estimated) free of estate and gift tax to as many individuals as you like. Gifts you make directly to medical providers and educational institutions for tuition on behalf of parents or grandchildren, for instance, are another way to downsize your estate to avoid future taxes. This exclusion is in addition to the annual gift-tax exclusion.


Consider making some charitable contributions planned for the future now—If you can, without affecting your charitable contribution income-tax deduction, make higher contributions to your favorite charities in 2024 and 2025.


Look to the Future, too
Explore trust options—If you’ll be facing estate taxes anyway, making gifts to a dynasty trust can preserve more wealth for your children and possibly grandchildren and future generations. When structured properly, this trust may remove the assets from both your estate and your children’s estates. A two-trust estate plan is another strategy used in the past, but less often under the current higher exemptions. If exemptions drop in 2026, you may want to ask your advisor about using this plan.


Don’t shortchange yourself—Avoiding or reducing tax isn’t everything. Before setting out on an estate-tax-cutting campaign, arrange to carefully analyze your situation with your professional advisor to ensure you’re keeping enough to maintain your lifestyle amid potential future inflation and volatile markets


* Except for tax rate, amounts would be doubled for a married couple.
** As of publication production.
*** A flat rate is used for illustrative purposes.

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Ken Coulthard is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Southeast Financial Credit Union and Southeast Financial Wealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Southeast Financial Wealth Management, and may also be employees of Southeast Financial Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Southeast Financial Credit Union or Southeast Financial Wealth Management. Securities and insurance offered through LPL or its affiliates are:

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