The Law Offices of Murphy & Associates, PLLC

11/15/2024

Update on the new IRS limits for Annual Life Estate & Gift Exemptions.

On October 22, 2024, the IRS issued Revenue Procedure 2024-40, providing the annual inflation adjustments for tax provisions to be used by individual taxpayers for the 2025 calendar year. The adjustments include the following:
• The estate, gift, and generation-skipping transfer tax exemptions for 2025 are $13,990,000, an increase from $13,610,000 for transfers in 2024.
• The annual exclusion for gifts is $19,000 for calendar year 2025, an increase from $18,000 for 2024.
• For 2025, the first $190,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not included in the total amount of taxable gifts made during that year, an increase from $185,000 for 2024.
On November 1, 2024, the IRS released Notice 2024-80, providing annual inflation adjustments for retirement accounts. For 2025, the annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is $23,500, an increase from $23,000 in 2024. However, the limit on annual contributions to an IRA is $7,000 ($8,000 for those 50 and older) for 2025—the same as the contribution limit for 2024.

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09/20/2024

Happy ! 😋. There is no one who loves queso as much as us Texans do. This year, over 600,000 people moved to Texas! If you are thinking of buying or selling real estate in the good ole queso state (😜), give us a call at The Law Offices of Murphy & Associates to protect your new investment

09/19/2024

If you are thinking of starting a business, especially with a business partner, we would love to talk to you at The Law Offices of Murphy & Associates. We are here to make sure your AND your new business are properly protected before a major problem arises

09/18/2024

There are a lot of misconceptions about estate planning. At the end of the day, you can't afford to NOT have one. An estate plan allows you to decide exactly how your assets are distributed after your death. At The Law Offices of Murphy & Associates, we are here to help guide you through the process. Ready to get started? Give us a call today ☎️

09/17/2024

If you are a business owner thinking of investing in commercial property, give us a call at The Law Offices of Murphy & Associates! We have over 15 years of real estate experience and will have your best interest in mind 📞

09/16/2024

At The Law Offices of Murphy & Associates, we are here to help you with all of the paperwork that goes with owning, and legally protecting, your business! Give us a call today ☎️

09/13/2024

Planning for the future is one of the most important steps you can take to protect your loved ones and your legacy. We are here to guide you every step of the way at The Law Offices of Murphy & Associates. Don’t leave your future to chance. Ensure your wishes are honored and your family is cared for. Give us a call today to learn more about the importance of creating an estate plan that meets the needs of you and your loved ones 📞

09/12/2024

Which one is your favorite? Whether you're buying, selling, or leasing property, navigating the complexities of real estate law can be daunting. That's where The Law Offices of Murphy & Associates comes in! Your property matters deserve the best legal protection. Let us handle the details so you can focus on what matters most. Give us a call today 🏠☎️

09/11/2024

🖥️ Have you used a legal website to create your business contracts? Have you downloaded a random template? Check out our new blog post to learn why that may not be the best choice in truly protecting not only your business, but yourself as a business owner. Have any questions? Give us a call today! 📞

09/10/2024

If you pass away without an estate plan, there are a lot of potential issues that can arise. The biggest issue being the state laws determine what happens to your assets, which may not align with your wishes or the best interest of your family. We would be happy to go over your estate plan with you at The Law Offices of Murphy & Associates! Give us a call today 📞

09/09/2024

It is still a great time to invest in real estate! Whether you are thinking of buying your personal home or buying an investment rental property, give us a call at The Law Offices of Murphy & Associates to learn more about the importance of having a real estate lawyer on your side 🏠📞

09/06/2024

Time management is a crucial skill for every business owner. Delegating certain tasks to experienced professionals, such as a business lawyer, can save you time so you can focus on your business! We are here to help you manage your time better and protect your business at The Law Offices of Murphy and Associates ☎️