Main Menu
Have a gift tax exemption to use this year? Start planning now before time runs out
Posted in Tax and Finance

The end of the year is on the horizon and for those clients contemplating using their $5.12 million gift tax exemption before the year comes to an end, the process needs to start now. This exemption is a part of the huge Estate, Gift and Generation-Skipping Transfer Tax breaks that Congress passed in late 2010. 

With appraisers’ plates already filling up, it would be wise to move ahead and begin implementing plans this month if the gift is to be completed before the year’s end. Those who wait too long may find themselves forced to make undiscounted gifts, gifts with no pre-determined value or simply not give a gift at all.

In the June 2012 Bingham Greenebaum Doll Firm Newsletter, attorney Mark H. Oppenheimer wrote a piece that describes some possible uses for this tax break. For more information, see our recent article, “What Lies Ahead for Gift and Estate Tax Laws."

  • Partner

    Mark is a partner in the Louisville office and is a member of the Estate Planning and Corporate Services Departments. Mark concentrates his practice on business succession, estate planning and estate administration for ...

RSS RSS Feed

Subscribe

Recent Posts

Categories

Contributors

Archives

Back to Page