Articles Tagged with Gift Tax

Lifetime Gift Exclusion And Recent Surge In Gifting In Houston

Published on: February 13, 2014 | By McCulloch & Miller, PLLC

The law created a chance for wealthy families to move assets out of their estates and let their heirs benefit from any appreciation in value, said Lisa Featherngill, a managing director at Abbot Downing, a wealth-management unit of Wells Fargo & Co.

According to official numbers recently released by the IRS, U.S. taxpayers transferred $122 billion in non-taxable gifts in 2012. To put that number in perspective, it is quadruple the tax-free gift giving of 2011 and 2012 combined.

This wealth transfer tsunami was the subject of a recent Bloomberg article titled “Tax-Free Gifts Quadrupled in U.S. After IRS Limit Lifted.”

Houston Families Can Plan For Estate And Gift Tax Exemption In 2014

Published on: November 17, 2013 | By McCulloch & Miller, PLLC

Starting in 2014 … the basic exclusion will go up to $5.34 million per person, from $5.25 million this year. [However,] there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want without dipping into the basic exclusion.

The 2013 year is winding down. While there is still much to enjoy, especially in terms of the holidays, it is not too early to think about your financial and estate plans for 2014.

Surprise! The IRS is already looking forward to 2014, to include the estate and gift tax exemption.