The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
Stocks were headed for weekly losses on Friday as investors worry the U.S.-China trade war is hurting economic growth.US Marketsread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
United Airlines will take its 14 Boeing 737 Max jets off its schedule for another month, through Aug. 3, canceling another 1,290 flights.Airlinesread more
J.P. Morgan economists say they now see a much slower economy in the second quarter, with growth of just 1%.Market Insiderread more
The Pentagon will send additional American troops, drones and fighter jets to the Middle East amid increasing tensions between the United States and Iran.Politicsread more
A spokesman for Nadler told CNBC that the chairman is "okay," and that he "seems to have been dehydrated and it was very warm in the room."Politicsread more
The Moelis & Co. founder says the current market volatility from tense U.S.-China relations is impacting large-cap stocks.Investingread more
If you want to shave down your estate tax bill in the future, consider giving away some of your fortune.
The Tax Cuts and Jobs Act increased the gift and estate tax exemption to $11.18 million per person this year. That's more than double the $5.49 million per individual limit in 2017.
This means you can transfer more than $11 million, either as a gift while you're alive or as a bequest after death, without having the amount subjected to a 40 percent tax.
Be aware that, at least for now, the tax code's generosity is a limited-time deal. The $11.18 million estate and gift tax exemption is set to expire after the end of 2025, at which point it will revert to $5.49 million – unless Congress acts.
That means that, if you want to give away large sums of your wealth so that you shrink your estate and your tax bill, now is the time to do it.
To put things into perspective, the IRS received 12,711 estate tax returns in 2017. Of these, 4,191 were submitted for gross estates valued at more than $10 million.
Estate plans are not just for the rich and famous. Anyone with assets, including a home, 401(k) plan or savings account, should think about how those possessions will be distributed one day.
Aside from gifting, a trust can be a good way to hand money down. It has the added benefit of giving you more control over how your assets are made available to the next generation.
Others may opt to give the bulk of their estate away. In that case, consider setting up a charitable remainder trust, using a donor-advised fund or simply leaving a portion of your assets to a specified charity in your will.
More from Personal Finance
There's a combined $1 billion in Powerball, Mega Millions jackpots
How to find out what your Social Security check will be in 2019
Medicare premiums are rising in 2019. What you can expect to pay