Spencer Law Firm LLC
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Posts tagged "estate and gift taxes"

The $5.12 Million Gift Tax Exemption - Use It or Lose It

The 2010 Tax Act created significant but temporary reductions in estate and gift taxes. The estate and gift tax exemption amount of $5.12 million plus lower tax rates have created opportunities for individuals to transfer wealth and save thousands or even millions of dollars in taxes - but only through December 31, 2012. By its terms, the 2010 Tax Act will sunset after December 31, 2012, the estate and gift tax exemption is scheduled to revert to $1 million on January 1, 2013 and the maximum estate tax rate will increase from 35% to 55%. What Congress does after that date is anybody's guess. It is impossible to predict.

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Spencer Law Firm LLC
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Lancaster, PA 17603

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