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Time may be running out to take advantage of lifetime gift tax exemption.
In 2012, gifts up to $5.12 million are exempt from gift tax. The current law is expected to expire on December 31 and to return to a $1 million exemption. At the same time, the top gift tax rate is expected to rise from 35% to 55%. Keep in mind that the current state tax exemption will decrease from $5.12 million to $1 million as well.
Call your attorney immediately if you are considering making gifts in trust to provide ample time for planning and execution of your gifts; or contact one of our trusted advisors, who average over 20 years of estate planning experience, at 585-419-0670 with any questions you may have.
Tax information presented is not to be considered as tax advice and cannot be used for the purpose of avoiding tax penalties. Neither Canandaigua National Bank & Trust nor its affiliated Companies provide tax, legal, or accounting advice. Please consult your personal tax advisor, attorney, or accountant for advice on these matters.