Now that the holidays have passed, and the decorations are all boxed up and put away, you may think that the gift-giving season has come to a close. But before you settle back into the routine and put off thoughts of presents until the end of the year, you should consider the advantages of an investment-related gifting strategy. Now is a good time to weigh your options and explore the benefits of using lifetime gifts to pass on some of your assets to your
beneficiaries.
During your lifetime and at the time of your death, federal gift and estate taxes, respectively, can apply to the transfer of property to your heirs. However, there are exclusions for these rules, and it’s important to think about how these could benefit you when making gifts. To help give you a better idea, we’ll first take a closer look at what the exclusions are and how they are applied.
For starters, the gift tax annual exclusion allows you to transfer up to $12,000 per recipient per year without having to pay any federal gift tax. The government has no limits on who or how many people you can give a gift to. Simple math will also show you that a married couple can make a gift of up to $24,000 per recipient per year.
These limits refer to the annual exclusion; they do not prohibit you from giving more, if you choose. But if you exceed the annual exclusion amount, you begin using up what’s known as your lifetime “gift tax applicable exclusion.” This exclusion allows an individual to make gifts in excess of the annual exclusion of up to $1 million. Again, the exclusion would be double that, or $2 million, for married couples. Once your gifts have reached those limits, any additional gifts will be subject to normal gift tax rates.
For full story, please see the Jan. 5, 2007 edition of The Union-Recorder.
Business
Gift-giving season may not be over yet
- Business
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The Fun! Factory provides fun, safe destination for families
Partners Patti Rushin and Lori Heayberd opened The Fun! Factory in January 2011 after seeing a need for a safe, clean destination for parties and entertainment for the entire family’s enjoyment, with a focus on youth and teens, in the community and surrounding areas.
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Herndon's Downtown looks to outfit the Southern gentlemen
Downtown Milledgeville continues blossoming into a culturally diverse place of commerce, entertainment and fashion.
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Elite named Small Business of the Quarter
The Milledgeville Baldwin County Chamber of Commerce has named Elite Gymnastics as Small Business of the Quarter.
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Capital Cleaners reveals cleaner clothes and home
Scott Joris worked in the dry cleaning business for 20 years before temporarily halting his time in the industry.
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Tidal Wave Charity Day today
Tidal Wave Auto Spa of Milledgeville is inviting all dirty vehicles to get squeaky clean and support a local charity as part of the business’ annual Charity Day event held from 8 a.m. to 9 p.m. today.
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ExtraordiNailry continues growth in size, services
Regular clients and walk-ins have been stopping by ExtraordiNailry Salon & Spa to get beautified from head to toe since September 2009.
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A Flair for Hair a sophisticated and fun salon
A Flair for Hair started beautifying Milledgeville eight years ago in November and the salon has been astounding clients ever since.
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Brother duo provides care for seniors, disabled persons
The Flournoy brothers have continued to grow Primecare Home Care Services since they began the company in 2007, now employing and serving more than 130 individuals and clients.
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Monograms & More a gift paradise
Walking into Monograms and More, one is instantly greeted by a friendly staff and rows upon rows of bright merchandise.
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Elite Gym celebrates 20 years of business
Coni Adams-Moore combined her passion for children and fitness in July 1992 and created Elite Gym for area youth between the ages 2 and 18.
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