Benefits of Making Gifts Before 2013

Posted on

 width=You should be aware of a window of opportunity to take advantage of a historically high exclusion amount for lifetime gifts.

The amount you can currently transfer, either during life or at death, without incurring any gift, estate, or Generation-skipping Transfer (GST) tax, is 5.12 million.  Unless Congress changes the law, this amount, which is referred to as the applicable exclusion amount, is scheduled to drop to only $1 million in 2013.  In other words, if your net worth is more than $1 million, more of your assets are likely to be subject to estate taxes.  Read more.


About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

More Insights from Keiter CPAs

Contact

How Can We Help You and Your Business?

Innsbrook Corporate Center
4401 Dominion Boulevard
Glen Allen, Virginia 23060

804.747.0000 or 804.273.6200

Directions