(This is an updated post from December 2015)
With the end of the year approaching, we thought now would be a good time to re-post and update this blog from the end of 2015.
For 2017, the annual exclusion gift amount will remain the same at $14,000 but the lifetime gift and estate tax exemption will increase to $5,490,000 (up from 2016’s $5,450,000).
With fourteen days left in the year, many people are still planning how to make 2016 gifts, whether by making “annual exclusion” gifts of $14,000 per beneficiary, or by taking advantage of the 2016 gift tax exemption amount of $5,450,000. Whatever the reason for the last-minute gifting, as the end of the year approaches, people may be tempted to make a “quick and easy” gift to their beneficiaries by simply writing a check. As the year draws to a close, however, if your gift is dependent on utilizing 2016