With 2012 drawing to a close, many Americans may see the end of “Bush-era” income tax cuts as well as significant estate and gift tax reductions, the loss of which will dramatically affect their tax liability in 2013 and thereafter.
This newsletter reviews the soon-to-expire income and estate and gift tax laws and explains the new laws taking effect in 2013, barring Congressional action. Also highlighted are planning opportunities that taxpayers should consider taking by year-end. For many, it may be a “use it or lose it” situation.
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Topics: 3.8% Medicare Tax, Barack Obama, Bush-Era Tax Cuts, Capital Gains, Gift-Tax Exemption, Grantor Retained Annuity Trust, IRS, Year-End Tax Planning
Wills, Trusts, & Estate Planning Updates, Tax Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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