Can I Protect My Inheritance from Divorce?

Can I Protect My Inheritance from Divorce

Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped-for result to make the protection more likely to stick if your marriage doesn’t work out.

How Does Gift Tax Exclusion Work?

How does gift exclusion tax work

In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.