December 28th, 2017 Gift Giving After the Holidays -by Catherine Parente, CPA/ABV/CFF, CVA, CFE, MAFF, Partner The holidays are just about over as we approach the new year. Along with the new year is a new tax law which keeps the federal estate and gift taxes intact, but doubles the amount of wealth that is exempt from these taxes. Starting in 2018, approximately $11 million will not be subject to the estate tax for single individuals. This amount was previously $5.49 million. Married couples will not be subject to the estate and gift tax on approximately $22 million of net worth. Please note that these provisions are set to expire in 2026, so you may want to meet with your tax and estate advisors to consider moving some of your assets to the next generation tax-free before this provision sunsets. If one of those assets is a privately owned business, you will need a valuation of that business that will meet all of the IRS requirements for gifting of business interests. Gifting of business interests is especially important if your business is growing and the value is increasing. It is also important to note that these changes only relate to Federal estate and gift taxes and not to any state estate and gift taxes. So it is important to discuss the implications of your situation with your tax and estate advisor. If you would like to discuss the tax implications, please contact your tax professional at the firm. If you would like to discuss a valuation of your business, please feel free to contact me at 401-752-0518 or firstname.lastname@example.org.