This is the third in a series of 23 tax tips that AdvisorOne will publish on each business day in March as part of our Tax Planning Special Report (see our Special Report calendar for a more complete list of topics to be covered and experts who will deliver their insights).
The tax tip today comes from Benjamin Ledyard, director of Wealth Strategies and regional director of the Mid-Atlantic for Silver Bridge Advisors. During his 15 years of experience in wealth management, Ledyard has developed expertise in financial, tax, wealth transfer, risk management, investment oversight, family governance, business succession, executive benefits and philanthropic planning. Ledyard holds a JD from Widener University School of Law and a bachelor’s degree from the University of Delaware.
The Tip: Focus on the Two-Year Window for Gift Strategies
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the Obama compromise tax act passed last year by Congress and whose provisions became effective Jan. 1, opened a window of opportunity for families and individuals to transfer wealth. But Congress didn’t make the changes permanent, according to Ledyard (left).