Regretting Your Large 2012 Gifts in Virginia?


After taking advantage of generous transfer taxes in a mad rush last year, and then seeing the benefits go largely unchanged in the U.S. budget deal, many donors may be looking for ways to take back their gifts.

So far, so good? Has 2013 been as scary as you anticipated? For example, if you gave away large portions of your personal fortune before the ball fell in Time’s Square, are you having donor’s remorse?

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.

Whether you currently suffer from donor’s remorse or not, there always is a lesson to be learned from every life experience. Such was the run-up to the fiscal cliff deal. What, then, are your takeaways going forward?

You can learn more about this topic as well as other strategies on our website under the tab entitled:  asset protection in Williamsburg, Virginia . Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference: Financial Advisor – Private Wealth (January 11, 2013) “After Budget Deal: Donor’s Remorse

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