Gifting: It’s no hobby

Description

Abstract: Everyone who’s built up some wealth needs a well-thought-out gifting strategy — both for estate planning purposes and for minimizing the taxes they and their loved ones could face in the here and now. This article discusses the impact of the American Taxpayer Relief Act of 2012 on gift, estate and generation-skipping transfer tax rates and exemptions. It also discusses gift tax exclusions, family limited partnerships and annuity trusts as part of a gifting strategy.