Seize the moment when it comes to gift taxes

Description

Abstract: Giving away money in an economy that remains challenging for many contractors may seem a hard-to-swallow concept. But current estate and gift tax rules allow one to give a substantial amount without incurring taxes — and they lower the tax rate for gifts beyond that dollar limit. This article briefly describes the rules — which, in their existing form, expire at the end of 2012 — and suggests how they can affect construction businesses and contractors’ personal estates.