Friday, February 1, 2013
If you made gifts at the end of the year to avoid any changes in the gift tax exemption, you weren't the only one surprised when the fiscal cliff passed keeping the gift tax extension at the same level. Most gifts may have been made in trust with some controls attached to them, but if you didn't do that, you might still be able to fix it with some advice from your estate planner.
If you transferred more than you now believe you should have and you cannot undo it, the bright side is that the assets you transferred will probably continue to appreciate in value and they are now out of your estate.
See Robert W. Wood, Buyer's Remorse? How About Year-End Gift Remorse!, Forbes, Jan. 29, 2013.