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.
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