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ARTICLE · 18 DECEMBER 2008

Year-End Estate Planning Reminders

Foley & Lardner LLP
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With 2009 around the corner and the anticipation of a new tax bill following the inauguration of President-elect Barack H. Obama, now is a great time to review a few gift, estate, generation-skipping, and income tax developments that may present planning opportunities now and in the upcoming year.

United StatesTax
Foley & Lardner
Foley & Lardner
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With 2009 around the corner and the anticipation of a new tax bill following the inauguration of President-elect Barack H. Obama, now is a great time to review a few gift, estate, generation-skipping, and income tax developments that may present planning opportunities now and in the upcoming year.

Gift Tax

The annual gift tax exclusion is scheduled to increase from $12,000 per donee to $13,000 per donee in 2009 ($26,000 for a married couple). Gifts up to the annual gift tax exclusion amount are entirely gift tax free. Gifts in excess of the annual gift tax exclusion amount use a portion of the donor's $1 million lifetime gift tax exemption and reduce the amount that can be transferred at death by the donor without incurring a federal estate tax.

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