With the gift tax exemptions set to expire at the end of the year Richard Behrendt, Bairds director of estate planning, is warning some clients not to overreact.
As part of the tax cuts scheduled to end at the end of the year under the fiscal cliff, the gift tax exemption of up to $5,120,000 could drop to $1,000,000 in 2013, and many wealthy clients are looking to take advantage of that closing window of opportunity. But making a large gift now may not be for everyone, he cautions.
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