Current estate tax law states that you can give away up to $5 million per person. On January 1, 2013, that number was reduced to $1 million. If your estate is over $1 million, you will encounter some significant tax issues. You need to talk with a person who understands estate taxes to look at your estate and tell you what your options are. For many people who have great wealth, giving away $5 million before the end of the year is something worth considering doing, especially if you have appreciating assets that you really don’t need and you plan to give to your children anyway. When it comes to estate taxes and estate tax laws, you need to talk with your accountant and your estate planning attorney.
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