Is 2012 The Year For You To Make A Significant Gift To Your Family Members?
…a free PowerPoint® presentation now available for your consideration
As you are probably aware, 2012 presents a unique opportunity to reduce potential estate tax by making lifetime gifts.
Higher Exclusion Amount – Lower Tax Rates – End this Year
This is primarily because the current exemption from the federal gift and estate tax is $5.12 million through 2012 (as indexed for inflation). The federal estate and gift tax rates presently stand at 35%. However, in 2013, the exemption will be reduced to $1 million, pending further action by Congress to extend the current exemption or establish a new one. If Congress fails to act before 2013, the highest marginal rate will increase to 55% next year. If the federal estate tax law is not amended for 2013, and beyond, taking advantage of the additional $4.12 million gift tax exemption this year could result in a permanent estate tax savings of as much as $2,268,750 for an individual or $4,437,500 for a married couple.
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