Many of you are aware that for estate tax purposes you can give away (if you want to) up to $13,000 to as many people as you want to every year to try to reduce the value of your estate for estate tax purposes.
I just found out yesterday that after 2013 that $13,000 amount will be increased to $14,000. It's an amount that gets adjusted for inflation but it only goes up when it can be rounded up to the next amount.
So next year it's going from $13,000 to $14,000. Be aware of that as you plan to arrange your affairs to minimize the amount of estate tax that your family will have to pay. Have a great day!
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Posted by: custom signs | December 17, 2012 at 07:53 AM
I'm first time visitor to the blog and will certaintly spread the word. I hope this is an OK place for a question on gift tax exclusion. "A friend" contributed funds to an irrevocable life insurance trust to facilitate payment of premiums. She is the grantor. I understand that the gift is a pro rata gift to each of the beneficiaries of the trust. Unfortuunately, she also made cash gifts to these same folks during the year. In aggregate some or all of these gifts exceed $13,000 per individual. While we are still in the year of the gifts, can any of that gift be repayed, to reduce the total gift?
Alternatively, can the grantor notify the recipient that part of that gift was meant for their spouse or child? Is there any flexibility there? Does that change as the calendar flips to the next year?
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