Gift Tax Planning: The $5 Million Exclusion – Use it or Lose it
The sunset of the $5.12 million gift tax is looming on the 2013 horizon so the need to plan your estate is growing ever more urgent. We have posted previously on Why You Need to Plan Before Going Over the 2013 Fiscal Cliff, a four-part series featuring discussions of of the best strategies available for capturing the current gift tax, generation-skipping tax, and interest rate advantages. If this post piques your interest then I highly recommend perusing the aforementioned series – the presently advantageous gift tax and estate tax planning methods proposed therein, while efficacious, have an expiration date rapidly approaching: January 2, 2013.
The preceding is the most recent edition of our quarterly Wealth Advisor newsletter, powered by WealthCounsel, through which we keep our clients updated of legal changes relevant to how they plan their estate. Be sure to follow the blog via email using the box at right or below the post to be notified of future updates.
Miss our comparison of domestic asset protection to foreign asset protection? Find out what the experts think about shielding your assets from creditors and the government using a domestic self-settled spendthrift trust.
The Fisher Law Office is an Annapolis-based firm of attorneys focusing on estate planning, probate administration, asset protection, and business law. Attorney Randall D. Fisher has practiced for over 20 years, maintains the highest peer review rating for ethics (AV Preeminent) by Martindale-Hubbell, and is a sucker for long walks on the fairways.
Find out how to reach him via TheFisherLawOffice.com if you’re interested in discussing the advantages of planning with the $5 million gift tax exemption.