Gifting and the IRS - Misconceptions
After years of incorrect understanding of gift taxes, today I did some research online and found a few interesting misconceptions and their correction. The definitive source online is the IRS site, with the relevant page located at:
IRS Gift and Estate Tax Overview
Misconception #1: The recipient of gifts over the exclusion limit ($12,000 per [...]
November 4, 2008
• Tags: gift, gifting, unified credit • Posted in: Estate Planning Basics • 2 Comments
Assets Values Depressed? Good News for Gifting.
Right now a lot of us are depressed, or at least our portfolios are. That’s not all bad news. Because some of our assets are reduced in value, we can gift more to our heirs this year without penalty. This is a great time to gift stocks to your heirs, removing them from your estate [...]