Act Now to Make Gifts at a Low 35% Federal Gift Tax Rate

By Richard S. Franklin

With 2010 drawing to a close and Congress thus far having failed to address gift and estate taxes, we suggest that you consider taking advantage (or at least attempting to do so) of this year’s 35% gift tax rate by giving property to children or perhaps to a trust for the benefit of your spouse and descendants. In historical terms, the maximum gift tax rate has not been at or below 35% since 1934. This memorandum outlines several strategies for consideration.

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