One of the many federal tax changes in 2018 is that the annual gift tax exclusion amount has increased from $14,000 to $15,000. This change is actually due to inflation rather than the Tax Cuts and Jobs Act of 2017 signed into law this past December. What does the exclusion amount really mean? The exclusion amount is how much a person can gift to a particular person or entity before needing to file a federal gift tax return. (Maine does not have a state-level gift tax.) And because this exclusion applies to individuals, a married couple can use each person’s exclusion amount to make a total of $30,000 in gifts to someone before a gift tax return is needed. Even if a gift tax return is needed, it is unlikely that the giver would ever owe gift tax because each person has an annual lifetime exemption that is coupled with his or her estate tax exemption amount. When the Maine and federal estate tax thresholds were much lower, annual gifting might have been part of a person’s estate plan. A…Read More
Rudman Winchell is a full service law firm serving the people, businesses and communities of Maine. With our vast legal resources and more than two dozen attorneys located in Bangor, we become a true strategic partner with the clients we serve.
Rudman • Winchell's Practice Groups
Individual • Family
Rudman Winchell attorneys provide expert guidance and on matters involving all aspects of Maine individual and family law including Divorce, Probate, Elder Law, Wills and Estate Planning.
Business • Corporate
Rudman Winchell business attorneys regularly represent clients in all aspects of business and corporate law.
Litigation • Trials
Rudman Winchell’s trial lawyers have extensive experience in both federal and state courts in a vast array of civil matters as well as criminal defense.
Municipal • Government Law
Rudman Winchell represents clients' interests in administrative and enforcement proceedings before government agencies and boards, including appeals.
Insurance • Workers Compensation
Rudman Winchell’s insurance law attorneys offer specialized representation to insurance companies and their insureds.
Real Estate • Property
Rudman Winchell has a broad Maine based real estate practice. Our real estate attorneys provide representation of banks and other lending institutions
Employment • Labor Law
Rudman Winchell’s experienced Employment and Labor attorneys advise clients on preventive strategies and positive solutions in Maine labor and workplace law.
Timberlands • Natural Resources
Rudman Winchell is located in the heart of Maine's industrial timberlands, and is a trusted partner of the timber industry and other natural resource based enterprises.
Healthcare • Hospitals
Rudman Winchell provides a comprehensive array of legal services to clients in the health care industry, throughout the state of Maine.
FROM THE ATTORNEY'S BLOG
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- Rudman Winchell Achieves Multiple High Rankings From Chambers USA in Nationwide Excellence Report
- Anne-Marie Storey to be part of Maine Biz Women’s Forum
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- Court’s decision in Beal v. Town of Stockton Springs, 2017 ME