This is the year to give gifts to loved ones, if you are in a position to do so. The government's $5 million gift tax exemption is due to expire this year and revert to $1 million at the end of the year. The estate tax is also set to return to a top rate of 55%.
The upshot to making gifts is that by doing so now, you will avoid future estate taxes. The downside is that if you make gifts, the property is no longer yours.
This article discusses some tips to assist you with your planning.
Regardless of your situation, it is imperative prior to engaging in any planning, you consult with an experienced Michigan Estate Planning attorney, such as the attorneys at Barsch & Joswick, PLLC. Call today for a free consultation.