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Why 2012 is the Perfect Time to Gift

Posted Tuesday, December 4, 2012 by Pivotal Law Group

alt text With the holiday season just around the corner, gifting is surely on everyone’s minds. For those in a position to make large gifts, 2012 is the year to do it. This is because the $5.12 million estate and gift tax exclusion amount may be reduced down to $1 million in 2013. The tax rate for any gift amount above the $1 million amount would be a progressive rate up to 55%. Additionally, the tax portability election, allowing a spouse to use their deceased spouse’s unused estate and gift tax exclusion may also be gone. This would mean that a person is entitled to a lifetime estate and gift tax exemption of only $1 million. Therefore, for all these reasons, 2012 may be the perfect year to make a large gift.

Come see one of our experienced estate planning attorneys at Pivotal Law Group, PLLC for assistance in making a gift before 2013.

For more information, please contact Emily Rao at (206) 805-1493.

DISCLAIMER: This blog is not legal advice. This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice under any circumstances, nor should it be construed as creating an attorney-client relationship. The information on this blog is a general statement of the law and may not be up to date, accurate or applicable to your specific circumstances.

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of vital or central importance; crucial