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Large gifts are expected to increase due to recent gift and estate tax law changes in which the lifetime exclusion for gifts of more than $13,000 has increased from $1 million in 2009 and 2010 to $5 million in 2011 and 2012, estate tax attorney Alan Gassman says. A husband and wife who had previously used their lifetime gifting exclusion would get $4 million in additional exclusion beginning Jan. 1, 2011, under the tax cut bill (Pub L. 111-312) that became law Dec. 17, he says. “The generosity really has a purpose, because beginning Jan. 1, 2013, that exemption is scheduled to go back down to a million dollars,” Gassman explains on a BNA Tax and Accounting webinar. “So it may be a ‘give it now or you can't give it later' type situation.”
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