BKHM Blog

GIFT AND ESTATE PLANNING

Posted by Sheridan Smith on Fri, Oct 11, 2013 @ 09:38 AM

'Tis (Almost) the Season for Gift and Estate Planning

With Thanksgiving just around the corner, many people are thinking about estate planning and making year-end gifts to family members. Last year, taxpayers scrambled to make last-minute asset transfers in case the historically generous gift and estate tax exemptions expired or rates skyrocketed. This year, taxpayers face a calmer estate planning landscape because Congress passed a relatively generous federal gift and estate tax regime.

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Topics: bkhm cpas, gift tax, Estate Planning, estate taxes, estate tax

2012 GIFT TAX ANNUAL EXCLUSION

Posted by Sheridan Smith on Wed, Dec 05, 2012 @ 09:06 AM

Use it or lose it...

The 2012 gift tax annual exclusion allows you to give up to $13,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $26,000 per recipient. The exclusion is scheduled to increase to $14,000 ($28,000 for split gifts) in 2013.

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Topics: gift tax, bkhmcpa, taxes