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KLG News Take Advantage of Tax-Free Giving This Holiday Season Before
you brave the crowds or agonize over finding the perfect gift this
holiday season, Bethesda and Largo, Maryland estate planning attorney
says consider giving tax-free gifts to your loved ones courtesy of the
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation
Act of 2010 instead. Rather
than brave the crowds and agonize over finding the perfect presents
this holiday season, why not make large financial gifts that lower your
taxable estate instead? Bethesda
and Largo estate planning attorney, Nicole K. White, says that thanks
to the Tax Relief, Unemployment Insurance Reauthorization and Job
Creation Act (TRUIRJA) signed into law last year by President Obama,
you can now give an annual gift of $13,000 completely tax-free to your
loved ones. And, if you’re feeling really
merry this holiday season, the legislation also allows for a lifetime
gift exemption up to $5 million dollars for 2011 and 2012. That means
you can give up to $5 million in your lifetime without getting hit with
a bill from Uncle Sam. White explains: “Perhaps
you’ve been wanting to give $100,000 to your grandchild to cover future
expenses,” says Nicole K. White “$87,000 of that will be considered a
taxable gift ($100,000-$13,000 tax-free), which you will need to report
to the IRS. But, you won’t get a tax bill on that either, as the
$87,000 will just be subtracted from your $5 million lifetime
exemption, leaving you with $4,913,000 still left to give, tax-free,”
she adds. However,
while the legislation is set to last through 2012, experts such as
White, warn that these tax-free giving opportunities may not be around
this time next year. “There’s
a very real chance that the tax breaks in this act will not make it
past the budget cuts of the Congressional Debt Super Committee next
year” explains White. “The lifetime exemption may be dramatically
reduced so this is a smart time to talk to an attorney and find out if
planned giving makes sense for you.” To
learn more about planned giving opportunities in 2011 or for more
information about Bethesda and Largo estate planning attorney, Nicole
K. White, please visit http://www.kinseylawgroup.com or call (301)
968-1630. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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