Now that all the Thanksgiving leftovers have been eaten and the madness of Christmas shopping has begun, it means that the end of 2011 is fast approaching upon us. However, between the shopping and the cookies there is still time to get some year end estate litigation done.
One thing you might want to consider is to make an annual exclusion gift, which means you can transfer property or assets that do not exceed $13,000. This year and next year as well, you can gift up to the $13,000 limit without having to file a gift tax return. And if you are married you can take advantage of this by doubling the amount of the gift to a limit of $26,000. However, in some situations, couples may need to report split gifts. You should consult with your estate litigation attorney on this matter.
Making use of these exclusions is a great way to not only give something to a loved one, but also to reduce your taxable estate.
Contact a professional estate litigation attorney to find out how you can use gift exclusions to the benefit of your estate.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.