THE OPPORTUNITY: On December 17, 2010, Congress and President Obama set the exemption from gift tax at $5 million (adjusted by cost-of-living factors; for 2012, the exemption amount is $5.12 million). This exemption had never been higher than $1 million. This historically high gift tax exemption allows you to transfer up to the exemption amount to your intended beneficiaries without triggering gift tax.
KEY MESSAGE – ACT NOW: This exemption amount, as well as the exemption amount from estate tax, is set by law to return to $1 million on January 1, 2013, unless Congress acts. So, if you want to take advantage of this limited time opportunity, you must act now.
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