Chiang Law Firm, PLLC Recognized for Outstanding Contributions to Fort Bend

RICHMOND, TEXAS, January 25, 2023 - Fort Bend County Judge KP George recognized Chiang Law Firm, PLLC as an outstanding East-Asian Owned Business in Fort Bend County. Among the individuals Stafford City Council Woman Alice Chen, State Representative Gene Wu, and Fort Bend Businesses such as Smiles at Riverstone, Jusgo Supermarket, Mala Sichuan Bistro, and A'lings Chinese Bistro were also recognized for their outstanding contributions to Fort Bend County at the Lunar New Year-Themed event. Also featured were several cultural performances, including a lion dance, tai-chi and Chinese dance performances.

Chiang Law Firm, PLLC, an estate planning, probate and business law firm was founded in 2014 by Jennifer C. Chiang. A native of Fort Bend County, Jennifer is a graduate of Clements High School, the University of St. Thomas (BBA/MBA) and the University of Houston Law Center (JD). In 2015 she was unanimously appointed by Sugar Land City Council to serve as Associate Judge for the Sugar Land Municipal Court, making her the first appointed Asian American Judge to serve in Fort Bend County.

Fort Bend County is considered one of the most diverse communities in the U.S. with 20.9% of the county population consisting of Asian residents, according to 2020 U.S. census data. Additionally, 21.3% of the population was African American, and 24.9% of the county identified as Hispanic or Latino. It is also one of the largest counties in Texas with a population of 858,527 as of 2021.

Please contact us more information about Jennifer Chiang or Chiang Law Firm, PLLC at 713-568-9206.

New Year, New Gift and Estate Tax Exemption Amounts for 2023

Happy New Year! The new year brings many new beginnings: new resolutions, new diets, new commitments, and new annual gift tax and estate tax exclusions.

The US Internal Revenue Service announced that the annual gift tax exclusion is increasing next year due to inflation. The annual gift tax exclusion will be $17,000 per recipient for 2023—the highest amount ever. Further, the annual amount that one may give to a spouse who is not a US citizen will increase to $175,000 in 2023.

In addition, the estate and gift tax exemption will be $12.92 million per individual for 2023 gifts and deaths, up from $12.06 million in 2022. This increase means that a married couple can shield a total of $25.84 million without having to pay any federal estate or gift tax. For a couple who has already maxed out lifetime gifts, this means that they may now give away another $1.72 million in 2023.

It should be noted that although the IRS has announced that the lifetime estate and gift tax exemption will increase to $12.92 million in 2023, that amount is set to be cut in half at the start of 2026. Any planned giving that takes advantage of the higher annual exclusion amount MUST be complete before the end of 2025. Yet another reason to get your estate plan done in 2023!

If getting your estate plan done is on your list of resolutions for 2023, contact us at Chiang Law Firm PLLC today!

Holiday Hours at Chiang Law Firm

As we enter into the holiday season, Chiang Law Firm will be closed or have limited hours on the following days so that our staff can celebrate the season with their families and friends.

December 22, 2022 - Closed at Noon

December 23, 2022 - Closed

December 26-30, 2022 - Lake Pointe Office is closed for in-person meetings

January 2, 2023 - Closed

January 16, 2023 - Lake Pointe Office is closed for in-person meetings

From all of us at Chiang Law Firm, we hope that you and yours have a very happy Holiday season, a Merry Christmas, and a happy and healthy New Year!