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On January 1, 2013, Congress passed new laws concerning gift taxes. Dirk Sampson, a VP of Western National Trust Company and a certified trust and financial advisor, discusses the new changes and what they mean.
Taxable gifts can be anything that you own. Most often they come in the form of cash, stocks and real estate. This year's federal tax-exempt gift amount from parent to child increased to $14,000 from $13,000 per year. A benefactor's lifetime tax-exempt gift amount also increased to $5,250,000 from $5,000,000 per person.
No matter the level of wealth in your estate, you may consider gifting part of it to your posterity. Knowing the changes in the law concerning gift taxes can help you to plan accordingly.