Legal Tip of the Day — December 6, 2013

If you find yourself in an especially generous mood this holiday, be aware of the potential tax advantages! Gifts valued at $14,000 and under can be given tax-free, but if you give a gift worth more than $14,000, you will have to pay gift tax. Importantly, you can avoid this tax by crediting the taxable value of the gift against your lifetime gift/estate tax exemption (currently $5.34 million). If you have an especially large estate, you may want to consider contacting an estate planning attorney before doing so, as it may be more advantageous to preserve your estate tax exemption.

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