With 2011 coming to a close, we would like to take the opportunity to remind you of the unique tax environment which we are in, allowing for $5 million of lifetime gifts (per individual, $10 million per married couple) to be made tax-free. If no action is taken by the government, the gift tax exemption will return to $1 million beginning January 1, 2013.
As people are being encouraged to make gifts to take advantage of the significant exemption available, many are not comfortable for one reason or another with an immediate transfer of significant sums of money to children or grandchildren. While it is important not to let tax motivations control planning and gifting decisions, we provide below some recommendations that we hope will assist in making gifting decisions appropriate for you and your family.
Please see full article below for more information.
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Wills, Trusts, & Estate Planning Updates, Tax Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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