Gift Tax Exemption

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The current gift tax situation, which is of interest to any individual wishing to make transfers this year to avoid future estate tax, is particularly important to gay, lesbian and other unmarried couples and individuals who (under current law) lack the ability to use a marital deduction to keep the couple’s net worth intact for the survivor.

2012 is a very important year. This may be the last clear chance to use the temporarilThis tax may impact youy increased exemption from gift tax (currently up to $5,120,000 or over $10 million for a couple). Some types of gifts may take several months to implement. Accordingly, it is not too soon to act; for some it could soon be too late to get all steps, including appraisals, complete before year-end.

We hope that most individuals who should be making gifts this year are aware already of the unique situation of the gift tax law this year; not only does 2012 offer a unique opportunity to make major gifts, the state of the law after December 31 of this year is unpredictable and is not likely to improve. Some people may need help to identify ways to take advantage of the gift tax exemption without interrupting their lifestyles, and many need a reminder that those who wait too late will fail to complete their gifts while there is still time to use the enhanced exemption.

More Information: Techniques and factors that you may want to consider.

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