‘Tis the season to give! Many parents will consider making large gifts to their children. Thanks to Linda Stern | Rueters, parents can make smarter moves when it comes to making proper gift and not break any tax rules.
Stern’s Tips Include:
— Act now. “Use it or lose it,” The $5 million lifetime gift tax exemption expires December 31, 2012, and it could revert to $1 million then.
— Take advantage of lower values. Maybe the family vacation home was worth $600,000 in 2007, but it’s worth $400,000 now.
For the list of tips see Gifting To Children Properly from Wills, Trusts & Estates Prof Blog: Real Property, Trust and Estate …
- IRS Cracking Down on Gift Tax Cheaters | Wills, Trusts & Estates Prof Blog: Real Property, Trust and Estate | Trusts EstatesProf | Gerry W. Beyer | 09/17/11 (vinhsulaw.wordpress.com)
- Wealth Planning Professionals’ Periodic Table of Estate Planning Elements | Wills, Trusts & Estates Prof Blog | Gerry W. Beyer | 12/2/11 (vinhsulaw.wordpress.com)
- Federal Judge Allows IRS to Troll Through State Records for Unreported Gifts of Real Estate (taxprof.typepad.com)