Benefits of Making Gifts Before 2013
Posted on 08.09.12
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.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
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