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Estate Planning Isn’t Ghoulish And Can Save Millions This Year

If there’s no revised estate tax law by New Year’s it will be too late: January 1 a $5 million perk drops to $1 million.

Most people haven’t taken advantage of the incredibly favorable estate and gift tax law expiring in 2012. Congress enacted a $5 million exemption for both gift and estate taxes but only through 2012.

Indexed for inflation, the exemption is now $5,120,000.

Gifts need not be made with no strings attached. Trusts, LLCs, and insurance can increase the amount escaping tax yet allow you to retain control.

In the meantime, the rest of 2012 is a bargain and you don’t have to die to take advantage of it. Between now and December 31, 2012, each person can give away $5,120,000 without gift or estate tax.

 

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From → tax policy, tax tips