Gift tax exemptions are at an all-time high which means that gifting before the end of this year may create substantial economic benefits for your heirs. Despite having this great estate planning opportunity, not everyone who can take advantage of it has done so. If Congress fails to act before the end of the year these current favorable tax rates and exemptions are set to expire and with it the beneficial gifting opportunities. Take a look at the chart below to see what you could miss out on.
|2012||2013(If Congress fails to Act)|
|Gift Tax Rate||35%||55%|
|Annual GiftTax Exclusion||$13,000(Per Person)||Not Yet Determined|
|Lifetime GiftTax Exemption||$5.12 Million(Per Person)||$1 Million(Per Person)|
The Legislative uncertainty is reason enough to talk to a knowledgeable estate planning attorney. Contact our office at 732-797-1600 to discuss this unique estate planning opportunity with a member of the estate planning group that includes Edward J. Dimon, Esq., Diana L. Anderson, Esq. and Annemarie Schreiber, Esq. before it’s too late!
For a free initial consultation to review or help you with any of your estate planning needs including Wills, Powers of Attorney and Advance Medical Directive contact our office today.