Time Is Running Out On The Estate Planning Gift of a Lifetime

This is the best time ever to engage in estate tax planning for the benefit of your children, grandchildren, heirs and legacy. As long as the government imposes an estate tax, effective ways of minimizing that tax on a estate will be sought. Most creative techniques make use of the available exemptions. For example, the prior 2009 gift tax exemption had been limited to $3.5 million per individual and $7 million per married couple. Currently, the gift tax exemption is at a record high.

The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2011 (2010 Tax Act) increased the lifetime gift tax exemption to $5 million for individuals and $10 million for married couples. A 2012 inflation adjustment raised the tax exemption to $5.12 and $10.24 million. Taking advantage of the current gift tax exemption can accomplish several things:

• Excellent Estate Tax Planning
• Removal of Tax On Appreciation of the gifted property
• Retention of Income and Control Over Gifted Asset
• Retention of Control and Annuity Stream For Designated Period
• Leveraging Gifts With Personal Residence
• Excellent Asset Protection and Creditor Protection Planning
• Great Time To Establish A Trust For Heirs, Legacy and Charities

The opportunity will extend only until the end of the 2012 calendar year, at which time the gift tax exemption will go down to $1 million limit on Jan 1, 2013.

To take advantage of the highest gift tax exclusion and to engage in asset protection planning, contact The Law Offices of Givner & Kaye today. (310) 207-8008