2009 Gift Tax Exclusion

2009 Gift Tax Exclusion

 Effective January 1, 2009, each individual can gift up to $13,000 tax free to any other individual, an increase from the previous $12,000 Gift Tax Exclusion.

This increase means that more wealth (including LLC interests and closely held stock) can be transferred for estate tax planning purposes. For example, a married couple with two married children will be able to give away up to $104,000 in 2009 with no gift tax implications. (2 x 4 x $13,000).

 To discuss other ways of moving funds to your family or friends in order to reduce the effects of estate taxes, Contact a Maryland Estate Planning Lawyer.