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Philadelphia PA Estate Planning Blog

Wednesday, December 16, 2009

Gift Tax

The IRS recently announced that the annual gift tax exclusion will stay the same in 2010 at $13,000.??If you're married, each spouse gets an exclusion so a married couple can gift $26000 to each individual without creating a tax liability or necessity for reporting.

With proper gift planning, a family could transfer a significant amount of money to their children and grandchildren while saving money on federal estate taxes. With the estate tax potentially going back to only a $1 Million exemption in 2011, gifting may make sense to more clients. Reducing your estate tax is complicated, and you should consult a qualified attorney to determine whether you are liable for the estate tax, and how to reduce your liability if necessary.

Also note that gifting is not for everyone. For instance, the chance that senior citizens need Medicaid is typically increased and gifting in this instance can disqualify you from certain government benefits.


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The Law Offices of Jeremy A. Wechsler assist clients with Estate Planning matters in Willow Grove, PA as well as Abington, Hatboro, Dresher, Horsham, Bryn Athyn, Huntingdon Valley, Fort Washington, Jenkintown, Glenside, Oreland, Warminister, Wyncote, Ambler, Elkins Park, Flourtown, Philadelphia, Warrington, Cheltenham, Gwynedd Valley, Jamison, Feasterville Trevose, Richboro, North Wales, Blue Bell, Lafayette Hill, King of Prussia, Collegeville, Oaks, Phoenixville, Oxford Valley, Langhorne, Penndel, Bristol, Fairless Hills, Bensalem, Plymouth Meeting, Furlong, Philadelphia County, Bucks County and Montgomery County.

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