Donors who acted solely out of the
expectation that the generous exemptions would disappear may be experiencing a
healthy dose of donor’s remorse. For them, the question arises, “Can I take it
With all the uncertainty over
changes in the gift tax at the end of 2012, many donors rushed to make
donations before the New Year. Since the gift tax laws remain unchanged for
2013, some donors are having remorse over those large gifts. So, can they take
back their donations?
If you are suffering from
donor’s remorse, then you might want to read a recent article on Financial Advisor - Private Wealth titled “After Budget Deal: Donor’s Remorse.”
The article addresses any
interest you may have in undoing a large gift. In reality, whether you can undo
your gift will hinge on precisely which strategies you employed and the
language used. Be sure to consult with your professional advisors on this.
That noted, however, 2012 was
still a good year to give and most likely will do wonders for your overall
estate plan. Don’t be too hard on yourself. After all, unless you had a working
crystal ball, who knew how the fiscal cliff deal would go down? Just think if
the transfer tax laws had reverted to their default settings. Your savvy
gifting would have been prescient, to say the least.
Reference: Financial Advisor
– Private Wealth (January 11,
2013) “After Budget Deal: Donor’s Remorse”