Tax
Oct. 6, 2012
Estate tax magic: private annuities
The scramble is on to take advantage of the gift tax exclusion before it is reduced on Jan. 1. On that same date the estate and gift tax rate will increase from 35 to 55 percent. By Bruce Givner and Owen Kaye of Givner & Kaye APC
Families are trying to take advantage of the $5,120,000 gift tax exclusion before it is reduced on Jan. 1, 2013, to $1,000,000. On that same date the estate and gift tax rate will increase from 35 to 55 percent. Will the tax laws really change? There are (at least) four possible outcomes: $5,000,000 exclusion (Congress will pass a law to keep it this way); $3,500,000 (President Barack Obama's view); $1,000,000 (it will become unl...
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