Federal Gift Tax Exclusion for 2012

By Melinda Gustafson Gervasi
According to materials for the State Bar of Wisconsin Annual Estate Planning Update, the federal gift tax exclusion for 2012 will remain at $13,000. What does that mean? It means that anyone person can give another person $13,000 that year without triggering the federal gift tax.

Remember, a gift may not be obvious to you. The following are examples of scenarios that may trigger the gift tax:
  • adding a person's name to your bank accounts;
  • adding a person's name to the deed to your home; and
  • addition a person's name to the deed to your vacation property.
Should this reflect your life, it is wise to consult with an attorney and or CPA to discuss possible tax implications.

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