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Make Gifts Before It’s Too Late

The consensus at the 2012 Southern California Tax and Estate Planning Forum is that recapture or clawback will not occur for gifts made in 2012. And even if it does, the opportunity cost of not making a gift this year will significantly outweigh any potential harm. From Prof. Samuel Donaldson: The short answer is that individuals in a position to make large wealth transfers should most definitely strike now, as the proverbial irons…

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Recapture Clawback of 2012 Gifts

There is lots of anxiety among attorneys and clients about the scheduled estate and gift tax law change in 2013. In 2012, you can gift up to $5,120,000 without a gift tax. But in 2013, both the gift and estate tax exclusion drop to $1,000,000. The big concern is whether gifts made in 2012 in excess of $1,000,000 will be clawed back or recaptured and subject to estate tax. I'm attending the…

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