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