Topics of Interest

Increased Annual Gift Tax Exclusion

On January 1, 2009, the annual gift tax exclusion rose to $13,000.00. An individual may give up to $13,000.00 to each recipient without that gift incurring a gift tax and without necessitating the filing of a gift tax return. If you are married, that means you and your spouse can gift up to $26,000.00 to each child, grandchild, or any other individual each year tax free. Individually, you can give up to $13,000.00 to as many recipients as you choose. All you have to do is write the check(s).

Many people use gifting as a method to transfer wealth. In the current economy, there are actually advantages to using gifting strategies to further mitigate Estate Taxation by taking advantage of allowable discounts which ultimately eliminate significant future appreciation from being included in the taxable estate. Uses for the gifts include IRC Section 529 College tuition plans, tax free gifts to children and grandchildren, and funding of Life Insurance Trusts.

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