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Beware of gifts that are pegged to the tax code
Today, I was reading a trust written in the late 1990’s. In it, the Grantor made a gift to her grandchildren that was to be equal to the Generation Skipping Transfer (GST) tax exemption. This is the amount of money that a person can give to someone, like a grandchild, who is more…
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Annual Gift Trusts
As of 2013, the annual gift tax exclusion amount is $14,000. That means that you can give up to $14,000 per year to any one person without having to report that gift on a gift tax return by April of the year following the gift. But that gift has to be completed–if you write someone a…
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For Last Minute 2012 gifts, make sure that the check is CASHED
As I write this on Sunday, December 30, 2012, Congress has not yet made a deal to avoid the ‘fiscal cliff’ and the estate and gift taxes look certain to revert to their 2001 levels, at least until Congress and the President do make a deal. For those of you considering a very last…
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Beware the accidental gift
In these waning days of 2012, when so many of our clients are working to give assets to their children or grandchildren to take advantage of the $ 5.12 million federal estate tax exclusion, I wanted to take a moment to warn against the accidental gift–something I’ve seen a lot of…
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Want to make a gift in 2012? Don’t wait much longer!
Somehow, it’s October tomorrow and that means that 2012 is drawing to its end. If you have been thinking that this would be a good year to make a gift to your children, you’d better act soon, not just because the holidays will soon be upon us, but because making a gift…
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