Pennsylvania estate planning attorney David Frees discusses the subject of end of the year gift giving and how it relates to tax implications. As the end of the year approaches, you might be wondering when those gifts have to be made and how much you can gift without being taxed. If you are considering giving a gift to a loved one, make sure that the recipient cashes the check in this calendar year. If they fail to do so, you will lose the annual gift tax exemption for the year. In 2010, the IRS allowed you to gift up to $13,000 per person. If you are married, you and your spouse are each permitted to gift the same person $13,000 or $26,000 total without being subject to taxes. The IRS also allows for an annual adjustment due to inflation. You should check back with us every year to see if that gift amount has changed. At the law firm of Unruh, Burke & Frees, our team of experienced and knowledgeable Pennsylvania estate planning attorneys can help you understand the details concerning end of the year gift giving as well as all of your estate planning needs. Call our team today to learn how we can help you. To learn more about end of the year gift giving and other estate planning needs, you can order a free copy of our informative guide, Enhanced Estate Planning: What You Need to Know About Hiring An Attorney & Creating A Plan That Works.
David M. Frees, III
Connect with me
Attorney, Speaker and Author