“How To Ask Grandma For $1 Million”
Forbes, October 8, 2010
James Cundiff spoke about how many wealthy, elderly persons waited until year-end to give family members large financial gifts, which are subject to 2010’s one-year reduction in the gift tax before the tax rate rises in 2011. “People are starting to gear up and get in line with these massive gifts,” Mr. Cundiff said. “We’ll see if they will go through the last week of December,” by which point Congress may decide what to do about the 2010 estate tax expiration. Because the estate tax also rises next year, Mr. Cundiff, added, giving large gifts this year makes sense. “In a lot of cases, adult children are just waiting for their inheritance. This is the pushover to make that transfer now,” he said.