Nov 12, 2012
Category: Estate Planning
The gift tax exemption under a 2010 congressional Act increased from $1 million per donor to $5 million (subject to indexing for inflation in 2012). But this increase may revert back to the original limit of $1 million on January 1, 2013 unless Congress and the President extend it and other tax breaks beyond 2012.
Never Too Late
But it’s never too late to set up your estate plans if you haven’t done so already. Lifetime gifting allows you to help your family, to buoy the future, and to establish its legacy – all while reducing potential tax burdens.
Lifetime Giving Strategies
Hippo, Fleming & Pertile Law Offices in Central PA can assist you to establish the best Estate Planning for your own situation. Our experienced, professional attorneys understand these kinds of lifetime giving strategies, including:
- Generation Skipping Trusts preserve principal for your grandchildren;
- Family Limited Partnerships (FLP), if you have interest in a business;
- Direct Gifts to Charities, which are substantial and go to a foundation, museum or other charitable organization or cause, made once or annually;
- Charitable Remainder Trusts afford you or your beneficiary a stream of income and possible tax deduction while benefitting your chosen charity after your death;
- Charitable Lead Trusts generate an income stream for the charity but revert back to your heirs when you die;
- Private Foundations are organized and operated exclusively for charitable purposes; and
- Spousal Lifetime Access Trusts (SLATs) use irrevocable trust arrangements for spouses in case they might have need for the gifted property.