The Gift Of Gifting

November 22, 2012 1:01 PM
The Gift Of Gifting
BOSTON (CBS) – Happy Thanksgiving!

" When you mention gifting what usually comes to mind is a birthday or Christmas. What I’d like to talk about today is gifting assets to another generation.

Your federal exemption, which is the amount you can give away tax free, for this year is $5.12 million and if you have more assets than that when you die, your estate will owe taxes. That number will fall back to $1 million on January 1st unless we have a tax law change. Married couples have an unlimited gifting privilege between spouses in life or death.

Planning is very hard with estate taxes for Congress changes the rules often! The tax laws will probably change soon. Maybe as soon as the end of the year.

And for Massachusetts, your exemption is $1 million. And it gets complicated. So if you have amassed the big bucks find a good estate-planning attorney to help you.

Now each of us can give away annually $13,000 without using our exemption to as many recipients as we wish as long as we have the money to make the gifts. And if we are married and our spouse joins in we can gift $26,000 "

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