This month in July, Wright Ford Young & Co. is excited to welcome five new hires to our tax department and our estate & trust department. Ashley Petrie joined our estate & trust department in the beginning of July. Ellie Robledo-Santos, Michael Collister, Eloise Komara, and Richard Corral recently joined our tax department. We are pleased to have these new hires join our WFY team. Ashley Petrie Ashley Petrie joined our estate & trust department as an Estate & Trust Tax Supervisor. She has her Bachelor’s degree in Business Administration with a concentration in Accounting from Hope International University,
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Monthly Archives July 2022
Tax Exempt Gifts of Tuition and Medical Expenses
Gregory Lambourne, Esq. Senior Planning Consultant You may be aware that the tax code grants taxpayers a $16,000 annual exemption from gift and generation-skipping transfer (GST) taxes. That means you (and every other taxpayer you know) can gift any person(s) up to $16,000 per year gift and GST tax-free. Good financial planning and estate planning involves utilizing this annual exemption and the estate tax-free compounding such gifting can provide. What you may NOT realize is that you can also gift an UNLIMITED amount of tuition and medical expense payments gift and GST tax-free, so long as you make those
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