The Current Federal Estate Tax Benefits May Not Last
The current tax legislation is set to expire in just two years at the end of 2012. Congress may decide to continue the legislation, or it may reinstate lower exemption levels in order to collect more taxes from estates. Planning now while the benefits exist may allow you to give more to your loved ones and less to the government.
Give Now and Enjoy
While no one would actually make a choice to take advantage of the estate tax exemption now, many of our clients have chosen to take advantage of the current gift tax exemption by giving more to their loved ones over the next two years rather than waiting until death for the gifts to pass. In addition to taking advantage of the current very high gift tax exemption, perhaps the greatest advantage in giving away assets during your life is the benefit of seeing the joy and gratitude of those receiving the gifts.
Whether to give away more now, before the estate and gift tax exemptions change is an important decision, with a host of tax consequences and personal considerations. Among the most obvious is whether the person receiving the gift will be financially responsible with it at this time.
Get Legal Help
Experienced Estate Administration Attorney Elga Goodman can help you decide whether now is the right time to start giving. Contact us today at 973-841-5111.