• Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Probate
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

WAEstate

Long Island Elder Law & Estate Planning

Call us today(631) 265-0599

Attend a Free Seminar

IRS Handling Higher Volume of Gift Tax Forms

June 27, 2013Estate Plans, Estate Taxes

1 CalculatorThe Forbes website is running an article that is interesting to people in the field of estate planning. It turns out that the Internal Revenue Service is expected to process a much higher volume of gift tax forms this year.

If you give taxable or potentially taxable gifts during a given year you must file IRS Form 709. This is true even if you don’t owe any tax yet because your overall giving falls below the lifetime unified gift/estate tax exclusion of $5.25 million.

Those who need more time to file can request an automatic six-month extension by filing IRS Form 8892. If you are filing Form 4868 to request an extension for your total personal income tax return you will automatically get an extension for filing Form 709.

Why would there be a higher volume of gift tax returns this year? In 2011 the estate tax exclusion was set at $5 million with an adjustment for inflation in 2012. This adjustment brought the exclusion up to $5.12 million last year.

We heard a lot of talk about the “fiscal cliff” toward the end of the year. This involved automatic tax increases and spending cuts.

One of the increases would have been a reduction in the amount of the estate tax exclusion to $1 million, which would have exposed many more Americans to the tax.

Because it was entirely possible that this $1 million exclusion could have been implemented many individuals decided to give large gifts in 2012 while the exclusion was still $5.12 million. Ultimately, this turned out to be unnecessary.

The base $5 million exclusion remained in place after the passage of the American Taxpayer Relief Act of 2012. Another adjustment for inflation has resulted in a $5.25 million exclusion in 2013.

  • Author
  • Recent Posts

Mark S. Eghrari, Estate Planning Attorney

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)

  • Special Needs Planning and Medicaid Recovery - March 21, 2019
  • Have You Considered a Living Trust? - March 12, 2019
  • How Do You Qualify for Medicaid? - March 7, 2019

Other Articles You May Find Useful

Mark S. Eghrari & Associates PLLC
Gay Couples Must Plan Ahead–Even In New York
Mark S. Eghrari & Associates PLLC
What Are the Gift Tax Exclusions in New York?
Mark S. Eghrari & Associates PLLC
Take Our Estate Planning IQ Quiz
Mark S. Eghrari & Associates PLLC
What Is a Grantor Retained Annuity Trust?
Mark S. Eghrari & Associates PLLC
What Is an Irrevocable Life Insurance Trust?
Mark S. Eghrari & Associates PLLC
What Is a Qualified Personal Residence Trust?

Leave a Reply Cancel reply

Your email address will not be published.

Download our free estate planning worksheet for creating a secure future

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • rss

Blog Subscribers

  • This field is for validation purposes and should be left unchanged.

Blog Categories

  • Advance Directives (6)
  • Advanced Planning (4)
  • Annuity Trust (1)
  • Asset Protection (14)
  • Business Planning (5)
  • Drawbacks of Probate in New York (1)
  • Durable Power of Attorney (3)
  • Elder Law (109)
  • Estate Administration (12)
  • Estate in New York (2)
  • Estate Planning (143)
  • Estate Planning (16)
  • Estate Plans (135)
  • Estate Tax (7)
  • Estate Tax in New York (2)
  • Estate Taxes (32)
  • Federal Estate Tax (3)
  • Final Arrangements (2)
  • Financial Planning (12)
  • General (2)
  • Guardianship (8)
  • Guardianship in New York (2)
  • Ilit in New York (1)
  • Incapacity Planning (32)
  • Inheritance Tax in New York (4)
  • Insurance (4)
  • IRA / Retirement Planning (6)
  • Irrevocable Trust in New York (2)
  • Legacy Planning (11)
  • legal education (6)
  • LGBTQ Estate Planning (1)
  • Living Will (2)
  • Long Term Care (22)
  • Lving Trust (10)
  • Medicaid (51)
  • Medicaid Planning (17)
  • Medicare (2)
  • Medicare and Medicaid in New York (1)
  • Parents w/Young Children (2)
  • Pet Planning (6)
  • Power of Attorney (15)
  • Probate (48)
  • Probate Process in New York (1)
  • qualified Terminable Interest Property Trust in New York (1)
  • Retirement Planning (27)
  • Revocable Living Trusts (4)
  • Small Business Planning (3)
  • Social Security (2)
  • Special Needs Planning (17)
  • Special Needs Trust in New York (3)
  • Supplemental Needs Trust (1)
  • Taxes (15)
  • Trust (30)
  • Uncategorized (4)
  • Veterans Aid and Attendance (5)
  • Wills and Trusts (55)
  • Wills in New York (2)

Where We Are

50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Map

myestateplan_sidbr_map
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • rss
footer-logo

LAW FIRM OF MARK S. EGHRARI
& ASSOCIATES, PLLC
Attorney Advertisement

© 2019 American Academy of Estate Planning Attorneys, Inc.