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Succession Planning

Systematic Gifting

Systematic gifting is a way to slowly transfer parts of your business to family members in order to reduce its assets and minimize estate taxes. As of 2019, you can gift up to $15,000 per person during the year without incurring a federal gift tax. The IRS won't track gifts under this amount, and your family members don't have to claim the gifts as income. You can gift someone cash from your business, and you can also gift stock in your company.

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First Commonwealth Bank and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.