The Motley Fool Discussion Boards

Previous Page

Politics & Current Events / Political Asylum

URL:  http://boards.fool.com/quick-give-it-away-30430320.aspx

Subject:  Quick! Give it away!!! Date:  12/13/2012  1:18 PM
Author:  FoolinGrapeApe Number:  1844700 of 1956639

http://money.cnn.com/2012/12/13/pf/gift-estate-tax/index.htm...

Currently gifts and estates of up to $5.12 million are exempt from taxes, but as part of the fiscal cliff, any bequest of more than $1 million will be taxed next year -- and at a 55% rate (currently the rate is 35%). That will kick in unless Congress and the President agree to extend the current exemption or agree on a new one. Many older Americans are not waiting to see if that happens.

"It's crazy," said Richard Behrendt, Director of Estate Planning for Baird's Private Wealth Management. "I bet more wealth is transferred this year than in the past 10 years combined."



Grape
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us