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Endangered Ways to Limit Gift, Estate Taxes

9/17/2012 Articles

Published in North Bay Business Journal

Preferential gift and estate tax treatment afforded under current law is set to expire Dec. 31. You should consider taking steps now to take advantage of the favorable tax laws before year-end.

Under current law for 2012, each person has the ability to gift or dispose of assets at death up to $ 5.12 million (double for a married couple, or $10.24 million) without the imposition of a gift tax, estate tax or a generation-skipping transfer tax. To the extent a gift or estate exceeds the exemption amount of $5.12 million, a transfer tax is imposed at the reduced rate of 35 percent.