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Home » Estate Planning » Inheritance Planning & Gifting

Inheritance Planning & Gifting

September 7, 2011 by Saul Kobrick Leave a Comment

We all know in the back of our minds that giving gifts is perhaps more rewarding for the giver than the recipient, but when you actually have that experience once again it really hits home. It is interesting to take this into consideration when you are engaged in the process of estate planning, because after all, your legacy is in essence a final gift to the ones that you love the most. Unfortunately, it is the type of gift giving that you don’t get to actively participate in.

If you want to experience the act of providing your loved with inheritances, one option would be to give gifts while you are still alive, and there are tax advantages inherent in doing so. The portion of your estate that exceeds the estate tax exclusion threshold is subject to a 35% federal levy at this time, and that threshold stands at $5 million. But the estate tax exclusion is going down to just $1 million in 2013 and the rate of the tax is rising to 55%. So unless there are changes made in existing laws between now and then the IRS will take over half of the portion of your estate that exceeds $1 million.

This being the case, why not give gifts while you are still alive to shave down the taxable portion of your estate? There is a gift tax of course, but there are exemptions. One of them allows for the gifting of as much as $13,000 per recipient each year, and there is no limit to the total dollar amount or number of gift recipients. Since this exemption is allotted to each individual taxpayer, if you are married you and your husband or wife could combine your respective exemptions and give a total of $26,000 each year to any number of people in a completely tax-free manner.

 

 

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Saul Kobrick
Saul Kobrick
Saul Kobrick is an attorney licensed to practice law in the State of New York and the Founding Partner of The Law Offices of Kobrick & Moccia. Mr. Kobrick is licensed to practice law in all courts of New York State, as well as in the Federal District Courts for the Southern and Eastern Districts of New York. He is a member of the New York State, and Nassau County Bar Associations as well as a member of the American Academy Estate Planning Attorneys. Mr. Kobrick is also a member of the National Academy of Elder Law Attorneys.
Saul Kobrick
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Filed Under: Estate Planning Tagged With: Elder Law, Estate Planning, Inheritance Planning

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