Gift Giving in 2012

The NYT has this interesting blog post encouraging wealthy individuals and families to take advantage of the $5.12 million gift tax exemption for 2012. Remember, on New Year’s Day 2013, the gift tax exemption goes back to $1 million per person, meaning you’ll lose the opportunity to give $4.12 million tax free. And the gift tax rates are scheduled to rise from the current 35% (for amounts over the $5.12 million exemption).

Does your financial power of attorney document include gifting provisions if you’re incapacitated? If not, you may need a new power of attorney.

If you’re considering giving gifts this year to family members, remember the old adage that there’s no time like the present. Call (913-707-9220) or email our office ( for convenient appointment to discuss your gift giving strategy for 2012 and a complimentary 30 minute consultation.

(c) 2012, Stephen M. Johnson, Esq.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.