IRS Raises Limit On Tax-Free Lifetime Gifts – Forbes

  As many estate planners anticipated, the Internal Revenue Service has raised the limit on tax-free transfers during life or at death. Starting in 2014 that amount, known as the basic exclusion, will go up to $5.34 million per person, from $5.25 million this year. Today’s announcement, in Revenue Procedure 2013-35, indicates that there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many … Continued

To Give or Not to Give, Up to $5.12 Million –

TIME IS RUNNING OUT TIME may — or may not — be running out for one of the biggest tax breaks for wealthy Americans: the chance to give up to $5.12 million to heirs tax-free and then pay a comparatively low 35 percent rate on any gift above that. The break is scheduled to expire in six months, but no one will hazard a guess about its fate because it is just one of many tax and spending measures expiring … Continued

Tax Pros Tweak Advice About Big Gifts To Family

  The recent stock market decline has depressed asset values. Interest rates used in various sophisticated estate planning techniques are at historic lows. And until the end of this year it’s possible to give away up to $5.12 million per person ($10.24 million per couple), without incurring a gift tax of up to 35%. Tax Pros Tweak Advice About Big Gifts To Family – Forbes

5 Common Tax Myths About Gifts – Forbes

  Did you get any exciting gifts this holiday season? What’s not so exciting are the tax implications that may come with them. We often get questions about those implications this time of year so let’s take a look at some of the most common tax myths about gifts: 5 Common Tax Myths About Gifts – Forbes

Squander while its tax free!

  – December is the season of giving, but quirks in the estate tax may prompt some wealthy seniors to be especially generous this year. Without action by Congress, estate taxes are set to spike on January 1 from zero to 55 percent, the highest in a decade. Most observers expect lawmakers to reduce the tax as part of negotiations over extending Bush-era income tax cuts, but no one can be sure that will happen, or when. Thus, giving away … Continued