“This is a great opportunity,"
For example, let’s say you want to make a gift to your grandchild in the amount of $100,000 to cover future college expenses. $87,000 of that will be considered a taxable gift ($100,000-$13,000 tax-free), which you will need to report to the IRS. However, you won’t get a tax bill on that either, as the $87,000 will simply be subtracted from your $5 million lifetime exemption, leaving you with $4,913,000 still left to give, tax-free.
“As you can see, legislation has made conditions favorable for gifting away money or assets to your loved ones, while at the same time strategically lowering your overall taxable estate (i.e. the amount you own at the time of death that may be taxed)” says estate planning attorney Darlynn Morgan.
MorganLawGroup in Newport Beach, is cautioning its clients that the gift of tax-free giving may not last until 2012, as the gifting and estate tax provisions of the Tax Relief, Unemployment Insurance Re-authorization, and Job Creation Act are slowly creeping toward the Congressional Super Committee chopping block next year. If you’re considering taking advantage of these provisions in order to give tax-free gifts to the people you love, talk to an estate planning attorney and find out whether planned giving in 2011 makes sense for you.
For more information on estate planning and Orange County estate planning attorney Darlynn Morgan, please visit our press page at http://www.morganlawgroup.com/
ABOUT DARLYNN MORGAN – California Will and Trust Attorney
Darlynn Morgan and Morgan Law Group is a Southern California Probate Attorney / Estate Planning Lawyer / Wills & Living Trusts Law Firm Serving: Los Angeles, Orange County, Riverside, San Bernardino, San Diego & all of Southern California
Southern California probate law firm Morgan Law Group, APC serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate planning in Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, and estate planning and probate in Los Alamitos, Mission Viejo, Newport Beach, and estate planning and probate law firm information in Orange, OC, Placentia, Rancho San Margarita, Rossmoor, San Clemente, Santa Ana, Seal Beach, Sunset Beach, Tustin, Villa Park, Westminster, and Yorba Linda.
Southern California probate law firm Morgan Law Group, APC serves all cities in Los Angeles.