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The death of the gift tax exemption

The federal gift tax exemption is currently $5,120,000. This means as of today a person can give away $5,120,000 TAX FREE.  The law, as written, will have this sunset December 31, 2012.  That would be the exemption back to $1,000,000. If you have more than $1,000,000 you should talk to your estate planning attorney NOW to talk about your options.

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