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Barron’s on Why You Should Gift Now

Great article from Barron's explaining the lifetime bypass trust and how couples can gift over $10,000,000 to each other (although most gift much less) and avoid estate tax if they act by December 31. For married couples, a popular strategy is for each spouse to create a trust that will ultimately provide for heirs, but that also names the other spouse as a beneficiary. The advantages are clear: Couples can move as…

Accountant’s Perspective on Gift Tax

Year end estate planning guide from Accounting Today. Current estate planning rules are advantageous to protecting assets and transferring wealth with less tax. In fact, 2012 has been labeled the year of the gift tax, partly because you can gift up to $5,120,000 tax-free this year, and the estate tax exemption is also the same amount. Those exemptions will decrease to $1 million each next year, and this year’s estate tax rate of…

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