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2012 Gift Tax Savings: Don't Miss This Unprecedented Opportunity
The current tax environment, combined with historically low interest rates and depressed asset values, has created unprecedented opportunities to gift assets to heirs in 2012. For the remainder of 2012, individuals can gift up to $5.12 million and married couples up to $10.24 million to anyone they choose without gift, estate or generation skipping tax consequences. If Congress takes no action, we will see these amounts return to a $1 million estate and gift tax exemption and $1.36 million generation skipping tax exemption.
Potential Estate Tax Savings by Gifting $5.12MM in 2012
Taking advantage of the current environment can provide you with substantial estate tax savings. This example shows the transfer tax savings that could be achieved by using the current $5.12 million exemption before the end of 2012, assuming the estate and gift tax exclusion reverts back to $1 million in 2013.
The professionals of Key Private Bank can help you take advantage of these historical opportunities and maximize your tax savings. View our client brief and video below for the latest insights on 2012 gift tax savings. Contact a Key Private Bank Relationship Manager for more information.
2012 Gifting Opportunities
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