When Congress passed and President Barack Obama signed into law the American Taxpayer Relief Act in the first week of January — averting the so-called fiscal cliff — it made permanent the previous two years’ exclusions on estate and gift taxes. And those exclusions have been adjusted for inflation. As reported by Bloomberg, this means… Read More »
Posts Categorized: Gift-Tax Exemptions
Deadline Looming on Gift-Tax Rules
Time is running out for your wealthy clients to take advantage of the generous 2010 tax laws that lowered gift tax exemption amounts and tax rates. Currently, lifetime gift-tax exemptions are at $5 million per individual and $10 million for married couples — but those limits are set to dwindle dramatically to $1 million for… Read More »
Should Your Clients Consider Giving Away Property Over Cash?
It’s decision time for clients who want to take advantage of the $5.12 million gift tax exemption that expires at the end of this year. While cash is the most direct way to pass wealth to heirs, your clients might need that money at some point. If they’ve already given it away, it’s not very… Read More »