#3. Use Your $5.12 Million Exemption.
For the rest of this year, every American can transfer up to $5.12 million free of federal gift, estate and generation-skipping transfer tax. (A married couple can transfer up to $10.24 million.)
If Congress does not change the current law, the federal estate tax exemption in 2013 will be just $1 million.
You do not have to die in 2012 to use this exemption; you can use it to make gifts now, while you are living. You do not have to completely give away your assets; you can make the transfers in ways that will let you keep control and even keep the income your assets are generating. And you do not have to use the full $5.12 million exemption to benefit.
Even those with less than $1 million should consider some planning to prevent future tax liability.
No comments:
Post a Comment