Large Firm Service. Small Firm Attention.
SHARE
Gifting Programs Can Help With Asset Protection
Published June 23, 2009
The federal gift tax exemption is currently $1 million — meaning you can gift up to $1 million cumulatively over the course of your lifetime without incurring any gift tax. There is not marriage penalty; married couples can give up to $1 million per spouse.
A gift made under $13,000 in 2009 will not count against your $1 million exemption. This is known as the annual gift tax amount exclusion. Gifting programs take advantage of these exemptions, mapping out a way to pass assets to heirs during one’s lifetime with minimum tax penalties. Assets can be kept within the family or passed to any charities one may feel drawn to. A gifting program not only helps protect assets, it also enables families to decide how hard-earned assets will be spent and allows heirs to benefit from current tax law.
To learn more, visit LittmanKrooks.com.
Categories
Recent Posts
Explore In-Depth
![Banner-Corporate-and-Securities-Law New York City, Central Park, from above](https://littmankrooks.com/wp-content/uploads/Banner-Corporate-and-Securities-Law-550x340.png)
Corporate & Securities
![Banner Elder Law Attorneys Man Fishing with his Grandson](https://littmankrooks.com/wp-content/uploads/Banner-Elder-Law-550x340.jpg)
Elder Law & Estate Planning
![Banner-default-Special-Needs-Planning Mother with Special Needs Child Playing in Child's Room](https://littmankrooks.com/wp-content/uploads/Banner-default-Special-Needs-Planning-550x340.png)
Special Needs Planning
![Banner-Special-Needs-Trust Father reading to his daughters](https://littmankrooks.com/wp-content/uploads/Banner-Special-Needs-Trust-550x340.jpg)
Special Education Advocacy