Estate Planning Red Flag – You’re not making direct payments of tuition and medical expenses
Abstract: Now that the gift and estate tax exemption has risen to $5.43 million in 2015, taxes might not seem so much of a concern. But what if one’s wealth grows beyond the exemption amount in the coming years and decades? What if lawmakers decide to reduce the amount? This article reveals how the exemption for direct payments of tuition and medical expenses can provide a valuable opportunity to reduce potential gift and estate tax exposure down the road.