Did you know the IRS has its own You Tube channel? You can find many key tax issues covered in brief videos, which include references to where you can find more information in other IRS publications.
For example, many people with estates approaching or exceeding $1 million (this includes life insurance you may have) are doing gifting this year as part of a comprehensive review of their estate plans. Many of the IRS’s videos address the topic of gifting. Look at this link for a video on some of the implications of gift-giving.
If you have questions on how gifting might benefit your estate planning, 2012 provides a great opportunity for you. Don’t wait until late in the year to do your planning. You might not have enough time to get everything completed before the end of the year and the beneficial aspects of the tax code will not continue into next year unless Congress takes action.