As I have previously discussed on several occasions, the estate tax exemption is set to expire in at the end of 2012, and many wealth citizens are scrambling to take advantage of the large lifetime exemption. As I have also discussed, some of the people who are looking to take advantage of the exemption are now faced with a difficult question: should they take advantage of the gift tax exemption or should they retain the money to ensure that they have enough funds to support themselves after they make the gift. This question poses a larger issue of parents making gifts to their children. The question here is how do parents decide what to gift and how much they are going to gift to their children?
See Bucks Editors, Consider the Heirs, New York Times, June 22, 2012.
Special thanks to Jim Hillhouse(Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
