spacer spacer
    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
    Joshua and Laura Meier

    Social Networking

    Facebook Facebook Google Plus LinkedIn LinkedIn Twitter

  • Archives

  • Categories

  • spacer
    Oct 18 12

    Annual Gift Exclusion to Get Inflation Increase?

    Newport Beach Law Firm

    Next year, that $13,000 limit on gifts is
    expected to increase to $14,000—an inflation adjustment required by law. The
    number isn't yet official—and won't be until later this year when the Internal
    Revenue Service will announce this and many other inflation adjustments.

    When it comes to estate
    planning, it ultimately comes down to what the laws themselves provide. But
    fear not, not all questions of estate planning law come down to politics. For
    example, with no political posturing involved at all, the annual exclusion
    amount is set to rise for the first time since 2009.

    The Wall Street Journal broke the good news as early as it could, in a
    Q&A entitled “Expect Gift Limit to Rise Next Year.” First, a caveat: it’s not the present
    lifetime exclusion of $5.12 million you can expect to see increase, as the jury
    is still very much out on that one. Rather, it’s the annual gift tax exemption
    presently set at $13,000.

    Currently, you can exclude
    $13,000 per person per year, before ever reducing your lifetime exemption
    amount. Good news: that amount is set to adjust up to $14,000.

    We await official numbers, but
    they should arrive later in the year. If and when the annual gift exclusion
    increases, this will bring a welcome bump in your wealth transfer

    If nothing else, the attention
    given to this uptick in the annual gift exclusion also may offer a wake-up call
    to the power of annual giving. Just think of what you can do for each of your
    loved ones with an annual gift of $14,000.

    Likely your loved ones could use the extra assistance
    in these tight financial times, and you get the benefit of seeing their
    stewardship (or lack thereof). In fact, depending on whether they are wise or
    foolish with the gift, you can make adjustments to your estate plan

    Contact Meier Law Firm to discuss all of your estate planning options.

    Reference: The Wall Street
    (September 29, 2012) “Expect Gift Limit to Rise Next Year

  • Frequently Asked Questions

    Click Here To Call Our Office

    Click here to Read Our Blog
    Wealth Counsel Member

    Orange County Young Executives  
  • spacer
    Welcome | Practice Areas | About Us | FAQs | Becoming a Client | Events | Advisors Forum | Newsletters | Contact Us | Blog | Disclaimer
    Meier Law Firm | 2103 Vista Entrada, Newport Beach, CA 92660
    phone: 949.718.0420 e-mail: