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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Local florist provides smiles, joy since 1973
Flowers by Jeanie has continued creating customized arrangements to bring smiles to locals and loved ones across the nation and globe for nearly 40 years.
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Doodle's Cupcake Bakery a little slice of whipped heaven
Move over ice cream and yogurt, there's a new sweet in town.
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Shrimp Boat cookin’ chicken mighty fine since 1969
Local native and resident John Leslie worked two jobs at the age of 17 until he saved up enough money to purchase the original Shrimp Boat restaurant franchise in Milledgeville on Oct. 27, 1969, nearly a decade later.
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Hopkins and Wilson merge services
Carl Wilkinson and Brian Hopkins first met in 1994 when Hopkins’ wife Mandy began working at Wilkinson's Insurance Agency. Brian and Mandy, unmarried at the time, were both students at Georgia College and never dreamed their future family would develop such a special long-term friendship and future business merger with Wilkinson.
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Pennington Tire Co. provides customer service with original charm
Business has continued to boom for Pennington Tire Co. Auto Care Center since being founded in 1956 at its original location on South Elbert Street.
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Local thrift shop sells array of items at low prices
Cliff’s Variety and Thrift store is a one-stop-shop for those seeking a variety of apparel, toys, collectibles, electronics, home decor and furniture ranging from 49 cents to $300.
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CORRECTION
In the December edition of The Ville, the dining listing should have included Shrimp Boat under the listing Buffets/Cafes.
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Alpha Test Prep helps boosts student academics
Alpha Test Prep & Tutorial Services has served students from the central Georgia since 1999 through private sessions or as a state approved No Child Left Behind provider.
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Blossoms raises funds for Brody’s Love
A mother-daughter duo has been working since July 2010 creating unique floral arrangements for all occasions at reasonable prices at their family-run store, Blossoms. -
Sport Fit offers fun fitness for kids
Owners of the new Sport Fit facility, Jim and Tina Fain, Bo Sibilsky and Mandy Chandler are excited to offer the community a unique sport and fitness facility to help youth reach their athletic goals. - More Business Headlines
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