Did you buy a “heavy” business vehicle in 2025? An SUV, pickup or van with a manufacturer’s gross vehicle weight rating (GVWR) over 6,000 pounds…
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It is with pleasure we announce that Truc Nguyen was promoted to Senior Accountant in our Client Accounting Services department.
Over the last several years Truc has continuously built up her skill set; technically, in project management, and in client service. She always has a great attitude and willingness to help her teammates wherever she can. Truc embraced Wheeler’s core values before we even had the token phrases developed!
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Huge Congratulations to Truc on this exciting career development.
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Continue readingYear‑End Gifting (2025): What’s New Under the One Big Beautiful Bill Act—and Smart Moves by December 31
As the year winds down, now is the time to lock in 2025 gifts and update your estate plan for new rules taking effect in 2026. Below is a quick snapshot of the current limits, what changes next year under the One Big Beautiful Bill Act (OBBBA), and a checklist of high‑impact strategies to consider before December 31.
2025 key numbers (now through December 31)
- Annual gift tax exclusion: $19,000 per recipient in 2025 ($38,000 if spouses “split” gifts). You can repeat this for as many people as you like. Gifts above the annual exclusion generally require Form 709 reporting.
- Lifetime estate & gift tax exemption: $13.99 million per person for 2025 ($27.98 million per married couple).
- 529 plans (education gifts): You may “superfund” up to 5 years of annual exclusions at once—$95,000 per donor ($190,000 for a married couple) in 2025—with a special election on Form 709.
What changes in 2026 under OBBBA
- Lifetime exemption increases to $15 million per person starting January 1, 2026, indexed in later years—replacing the prior “sunset” that would have cut the exemption roughly in half. For 2025, the exemption remains $13.99 million. Planning note: higher exemptions don’t eliminate the value of gifting today to remove future appreciation from your estate.
High-Impact Gifting Moves to Consider before 12/31
- Use your 2025 annual exclusions fully
- You can give $19,000 to each child, grandchild, or other recipient (double with gift splitting). If gifting appreciated assets, remember the recipient takes your carryover basis. File Form 709 if you exceed the exclusion or elect gift-splitting.
- You can give $19,000 to each child, grandchild, or other recipient (double with gift splitting). If gifting appreciated assets, remember the recipient takes your carryover basis. File Form 709 if you exceed the exclusion or elect gift-splitting.
- Fund education efficiently with 529 plans
- Make $19,000 (or $38,000 if splitting) per beneficiary this year, or use the 5 year “superfunding” election to give $95,000 / $190,000 in 2025 and spread it over five years for gift tax purposes (Form 709 required for the election).
- Make $19,000 (or $38,000 if splitting) per beneficiary this year, or use the 5 year “superfunding” election to give $95,000 / $190,000 in 2025 and spread it over five years for gift tax purposes (Form 709 required for the election).
- Pay tuition and medical bills directly (the “Med Ed” exclusion)
- Unlimited payments directly to schools for tuition and to medical providers for qualified medical expenses are not taxable gifts and do not use up annual or lifetime exemptions. Note: pay the institution/provider—not the individual.
- Unlimited payments directly to schools for tuition and to medical providers for qualified medical expenses are not taxable gifts and do not use up annual or lifetime exemptions. Note: pay the institution/provider—not the individual.
- Lock in appreciation shifts even though the exemption rises in 2026
- With OBBBA increasing the exemption next year, some urgency has eased. Still, gifting in 2025 can remove future growth from your estate and may reduce state estate tax exposure or enhance asset protection (e.g., gifts to irrevocable trusts such as SLATs, GRATs, or sales to intentionally defective grantor trusts).
How We Can Help
Every family’s situation is unique. Our team can help you:
- Prioritize which recipients/vehicles (cash, securities, 529s, trusts) make the most sense for your goals.
- Coordinate Form 709 filings (including gift splitting and 529 five year elections).
- Evaluate whether trust strategies (e.g., SLATs/GRATs) fit your plan in light of the 2026 changes.
Let’s talk before December 31 so your 2025 gifts are executed and documented properly.
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