UBS On-Air: Conversations Advanced Planning Podcast: 2024 Planning Guide Podcast
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Apr 19, 2024 Joanna Morrison, a Senior Wealth Strategist at Advanced Planning Group, shares her expertise in estate and tax planning tailored for high-net-worth individuals. She discusses crucial insights from this year's planning guide, including effective tax strategies and the implications of potential changes in gift and estate exemptions. Joanna emphasizes the importance of proactive planning with gifting strategies and Qualified Personal Residence Trusts (QPRTs), especially in light of evolving IRS regulations. Listeners gain valuable advice on navigating state tax challenges post-relocation.
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Exemption Sunset
- The increased estate and gift tax exemption is set to decrease significantly in 2026.
- This "sunset" reverts the exemption to pre-2017 levels, impacting estate planning strategies.
Pre-Sunset Gifting
- Consider gifting assets now to utilize your lifetime exemption before the 2026 sunset.
- Consult with advisors to create a thoughtful plan, avoiding last-minute gifting rushes.
Anti-Clawback and QPRTs
- The "anti-clawback" rule protects gifts made under current law from future tax increases.
- However, Qualified Personal Residence Trusts (QPRTs) may be affected by proposed regulations.