Welcome to a new week and a new theme here on the One Minute Retirement Tip! 

This week I’m talking about the gift tax rules for 2020 and how you can and why you should take advantage of gifting this year.

Gifting, especially during your lifetime, can be a powerful strategy to transfer wealth, business interests, property, and a variety of other assets to your family and heirs. 

And right now is an excellent time to gift, because the rules on exemptions and exclusions from paying taxes on those gifts are really attractive...But, we are in an election year and if Trump loses to Biden in November, and especially if democrats also control the House and/or the Senate... you can bet that estate and gift taxes will likely switch course. 

So if you plan to take advantage of favorable tax treatment on gifting assets, the clock could be ticking because estate and gift taxes will have a giant target on their backs come November if Biden unseats Trump. So this week, I’ll explain the current gift tax rules & who should consider gifting.

That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or iTunes. I read them all, so feel free to leave any feedback or topic suggestions there too. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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