Articles Tagged with gift tax

iStock_GiftBy Peter J. Smith

One of the most common questions I get on a daily basis is about annual gifting.  In particular, clients ask about giving away $14,000 a year.

Can you?  Should you?  Are you limited to that amount?  How does that affect taxes?

AdobeStock_108191911-300x200By Paul T. Czepiga

I just read a lot of detail on the Governor’s proposed budget that he released this week. In the midst of the drastic news about expenditure cut, there was actually some good news.

The Governor is proposing to increase Connecticut’s gift tax and estate tax exemption to be at the same level as the federal government’s.

Currently the Connecticut exemption amount is $2.0 million and the federal exemption is $5.49 million. The increase in

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