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Author: FoolinGrapeApe Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1947664  
Subject: Quick! Give it away!!! Date: 12/13/2012 1:18 PM
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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
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