Wealth Preservation, Trusts and Estates

You Must File The Gift Tax Return or Extension for Gifts In 2010
By April 15th 2011

Gifts To Children and Grandchildren in 2010

If you made a gift to a child or
grandchild in 2010 you must file
the return or an extension by April 15th.

Once the extension is filed, you have until
October to file the return.  However,
extensions do not automatically extend
the time to pay the tax.

So, if your gift created a tax (it was
more than the annual exclusion amount
and/or you previously used your lifetime
exemption, you may have a tax laibility.

You should also consult your tax preparer or estate tax adviser if you
made gifts to grandchildren or great grandchildren (or to a trust)

which might require a return to allocate the generation skipping
transfer tax exemption.

For questions about gifting in trust or outright to your
family members, please call David M. Frees III
610-933-8069

Are You Married?
Does Your Wife Want You To Get A New or
Revised Will for Her Birthday or Mothers’ Day?

Don’t take our word for it.   ASK HER.

You might be surprised by how easy it will be
to make her happy this year.

Book your appointment now to get your
planning done before mother’s day and
she’ll also get some flowers from you – on
us.  Call 610-933-8069 and ask for our
Birthday or Mothers’ Day Planning Offer.

You can also call David Frees at 610-933-8069
or email dfrees@utbf.com to get an
appointment and to qualify for this
special arrangement.

Share and Enjoy

Are you considering making end of year estate planning gifts to children, grandchildren or great grandchildren?

Curious about how much you can give without paying gift tax? This brief video tells you how much you can give without paying taxes.

Want to avoid the mistakes that people make that can actually cost your heirs money?

Need to know whether or not you need to file a gift tax return? Click here to get your answer to the question “How much Can I Give Without Filing A Gift Tax Return?”

I just published an article on The Five Most Common Mistakes that People Make with End of Year Estate Planning Gifts, and How to Avoid Them. Be sure to read this article and the two additional artciles on gifting that will be published in the next few weeks.

Make sure that your gifts work, that they count, and that you maximize them without making some of the horrible mistakes that can cost your heirs dearly. Read: End of Year Gift Tax Mistakes and How To Avoid them.

David M. Frees III
Offices: West Chester, Phoenixville, Malvern
Serving Chester County, Montgomery County and
All of the Counties in the Greater Philadelphia Area

For appointments call: 610-933-8069
dfrees@utbf.com
Please leave your questions and comments below.
Thank you for being a reader of our legal blogs and
publications.

Share and Enjoy