This is the 20th in a series of 23 tax tips that AdvisorOne is publishing 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 (below), director of Wealth Strategies and regional director of the Mid-Atlantic for Silver Bridge Advisors. During his 15 years of experience in wealth management, he has developed expertise in financial, tax, wealth transfer, risk management, investment oversight, family governance, business succession, executive benefits and philanthropic planning.Ledyard holds aJD from Widener University School of Law and a bachelor’s degree from the University of Delaware.
The Tip: Look Into the GRAT Gift Strategy
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, whose provisions became effective Jan. 1, reenergized a number of opportunities for families and individuals to transfer wealth. The temporary rise of the lifetime gift exclusion from $1 million to $5 million makes gifting strategies an important area to focus on to take advantage of this window.