We challenge you to take a short quiz to determine if you are eligible for a “gift” from the federal government.
|1. Do you own any assets?|
|2. Are you interested in saving tax dollars?|
|3. Would you like to increase the wealth that passes to your future generations?|
If you have answered “YES” to any of the above questions, you should talk to your LaPorte tax advisor about current tax law with respect to federal estate tax, gift tax, and generation-skipping taxes. Under current law, the federal exemption is $5,120,000, with a top tax rate of 35 percent. This provision is set to expire December 31, 2012.
If Congress does not act by the end of 2012, the federal exemption is set to decrease to $1,000,000, with a top tax rate of 55 percent.
Do not let this opportunity pass you by. You must take action by December 31, 2012, to take advantage of this “gift.”
Circular 230 Disclosure: Any advice contained in this post is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.