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H.R. 4853 – Gift Tax Exemptions Extended for the Next Two Years
June 27, 2011
As part of Obama’s Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 wealthy individuals will have the ability to gift $5 million (or $10 million for a married couple) without having to pay a gift tax. In today’s economic environment where asset values and interest rates are very low, the time is optimal to create credit shelter trusts, use lifetime gifts or implement GRATS to take full advantage of tax exemption before it expires in 2012. Please contact us today to find out more about the opportunities available to you.
Helpful Links
We hope you find the following shortcuts helpful:
AICPA - American Institute of CPAs
GASB - Governmental Accounting Standards Board
FASB - Financial Accounting Standards Board
IRS - Internal Revenue Service
WSCPA - Washington State Society of CPAs
SSA - Social Security Administration
GAO - General Accounting Office
WSDR - Washington State Department of Revenue
