Tax and Money Tip of the Week
Time Running Out for Large Gifts
in 2012 | September 6th, 2012 | No. 108
Currently, the exemptions for federal gift tax, estate tax, and generation-skipping transfer (GST) tax are at historic highs, and the gift, estate, and GST tax rates are at historic lows. But, in 2013, the exemptions are scheduled to substantially decrease, and the tax rates are scheduled to substantially increase.
This raises the question of whether 2012 might be a good time to make large gifts that take advantage of the current large exemptions while they are still available.
Questions or Comments?
Mark Vitek, CPA/PFS, CFP®
…until next week.