'Tis the Season

Like most Americans, your finances have probably declined in value this year. The silver lining to the bad economic scenario presents the "perfect moment" to make gifts to one’s heirs. Revenue procedure 2008-66 was recently issued by the IRS setting forth increases in certain exempt amounts that are indexed to inflation. Beginning with the calendar year 2009, the amount of the annual exclusion gift made to any person (other than gifts of future interests in property) increases from $12,000 per calendar year to $13,000 per calendar year.

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