The Time is Now: Take Advantage of the $5 Million Gift-Tax Exemption

Posted on Nov 28, 2011

According to an article in The Wall Street Journal, the time is now to benefit from the $5 million lifetime gift-tax exemption, which is scheduled to stay valid through 2012. If you wait too long, you might lose out because Congress could whittle the gift-tax exemption down to $1 million. When you have questions about your estate planning, contact your attorney.

To take advantage now, you could:

  • Make a gift of any of your assets that you can quickly transfer. For example, you could deed a house that's paid off. By doing so, you can avoid the lengthy process of lender approval. With the assistance of a Fort Myers realtor, you can get an idea of the value of this taxable gift.
  • Transfer equity interest in a limited liability company, family partnership, or S corporation.
  • Consider forgiving any intra-family loans that you may have made when taking advantage of low interest rates. This would allow you to complete a gift without any new accounts or further transfers.

For more tips on taking advantage of the gift-tax exemption, you should schedule a meeting with an estate planning attorney in Fort Myers, Florida. An experienced attorney can help with all of your estate planning needs including your will, trusts, power of attorney and advance directive.

 Help from an Estate Planning Attorney in Fort Myers is a Phone Call Away

Fort Myers estate planning attorney, Matthew A. Linde, understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions - 239-939-7100 or 844-764-5492.