– Planning for the future includes options for education funding, retirement planning, and estate planning.
– Services offered by Baird include investment management, insurance planning, and liquidity solutions.
– Market insights and wealth strategies are part of Baird’s insights and education offerings.
– Baird leaders discuss integration with Hefren-Tillotson, investment in Minnesota, and the client-first mindset. – Retail Investor Information/ Form CRS, Find a Financial Advisor, Baird Online, and rwbaird.com are available for individuals looking for investment information and services
– Private Wealth Management services are also offered, including planning for the future, managing money and investments, and preparing for unexpected events
– Baird provides insights and education on market trends, wealth management perspectives, wealth strategies, and women’s wealth
– Financial advisor opportunities and leadership insights are available for those interested in joining Baird or learning more about the company’s approach to client services
– Other services such as business and executive services, charitable giving, education funding, estate planning, identity theft protection, insurance planning, investment management, liquidity solutions, retirement planning, and tax planning are also offered. – Gifts can be made in cash or other assets up to $18,000 per recipient in a calendar year, and these transfers are entirely gift tax-free.
– Remaining under the $18,000 per person annual threshold also avoids any gift tax filing requirement.
– If gifts to any one person total more than $18,000 in a calendar year, it must be reported to the IRS on a U.S. Gift Tax Return (Form 709). – The gift and estate rules limit the total value of tax-free gifts that can be made, not the number of gifts.
– A married couple can gift up to $36,000 per recipient per year without incurring gift tax.
– The federal gift and estate tax exemption for 2024 is $13,610,000 per person.
– Any gift above the exemption amount generates a 40% federal gift tax.
– Current estate law allows a surviving spouse to keep the deceased spouse’s unused exemption, allowing for tax-free lifetime exemption gifts of up to $27,220,000. – Gifting over a lifetime removes the gift and any appreciation on the gift from the estate.
– Payments for qualified tuition and medical expenses on behalf of a beneficiary can be made without incurring tax.
– Qualified tuition expenses include payments of tuition for any level of primary or secondary education, but not for books, supplies, or room and board.
– Qualified medical expenses include expenses for diagnosis, cure, treatment, prevention of disease or ailment, and amounts paid for medical insurance on behalf of the beneficiary.
– These strategies can be combined as part of a larger estate plan to transfer wealth to loved ones in a tax-friendly manner.
https://www.bairdwealth.com/insights/wealth-management-perspectives/2022/06/everything-you-need-to-know-about-tax-free-gifting/
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