With the end of the year approaching, we thought now would be a good time to re-post this blog from the end of 2012. While the Mayan calendar is no longer in play, nor is the fiscal cliff, the rules of completed gifts still apply. For 2014, however, increase the annual exclusion gift amount to $14,000 (instead of 2012’s $13,000) and the gift tax exemption amount to $5,340,000 (instead of 2012’s $5,120,000).
With nine days left in the year, many people are still planning how to make 2012 2014 gifts, whether by making “annual exclusion” gifts of $13,000 $14,000 per beneficiary, or by taking advantage of the 2012 2014 gift tax exemption amount of $5,120,000 $5,340,000. Maybe they couldn’t make up their mind before now, maybe they were waiting for the election results, or maybe they wanted to see whether the Mayan calendar was accurate before making any gifts. Whatever the