eniors with estate planning needs have a limited time to take advantage of the current estate tax law options. Under the current estate tax law, certain options will disappear by December 31, 2012.<\/p>\n
The federal estate and gift tax system currently in place includes a number of options for gifting and transferring wealth without extreme taxation. A “lifetime gift” is an amount someone can give to someone else yearly, free of transfer tax. The lifetime gift amount is currently $13,000 per gifted individual. If a lifetime gift exceeds the exclusion amount, it is considered a taxable gift, and taxable gifts are tallied during a person’s lifetime. eniors with estate planning needs have a limited time to take advantage of the current estate tax law options. Under the current estate tax law, certain options will disappear by December 31, 2012. The federal estate and gift tax system…<\/span><\/p>\n
\nAlso, as it currently stands, when someone passes away, his or her assets are tallied, and deductions are taken for expenses and items passed to a spouse or donated to a charity. There is also an amount of wealth, called an estate tax exclusion, that can be (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"