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Dutchess OfficeGifting Programs Can Help With Asset Protection
The federal gift tax exemption is currently $1 million — meaning you can gift up to $1 million cumulatively over the course of your lifetime without incurring any gift tax. There is not marriage penalty; married couples can give up to $1 million per spouse.
A gift made under $13,000 in 2009 will not count against your $1 million exemption. This is known as the annual gift tax amount exclusion. Gifting programs take advantage of these exemptions, mapping out a way to pass assets to heirs during one’s lifetime with minimum tax penalties. Assets can be kept within the family or passed to any charities one may feel drawn to. A gifting program not only helps protect assets, it also enables families to decide how hard-earned assets will be spent and allows heirs to benefit from current tax law.
To learn more about New York elder law, New York Estate Planning, NY Elder, and New York Special Needs Planning, visit LittmanKrooks.com.
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One Response to “Gifting Programs Can Help With Asset Protection”
November 25th, 2009 at 9:10 am
I love the way you sound so passionate about what you are writing. Keep up the great work!