On January 3, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. As a result, for the first time in over 12 years, there is now some certainty in the Federal estate tax, the Federal gift tax and the Federal generation-skipping transfer (or “GST”) tax. Under the new law, in general:
- The exemption from the Federal gift tax is US$5.25 million in 2013. This amount will rise with inflation in future years.
- The exemptions from the Federal estate tax and the GST tax are US$5.25 million each in 2013. These exemptions will also rise with inflation in future years.
- The tax on amounts transferred in excess of these exemptions is now 40 percent...
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