Estate Planner - July/August 2012


In This Issue:

- Is your estate plan flexible? Estate tax law uncertainty requires options

- No time like the present: With favorable estate tax and real estate environments, use a QPRT to give away your home

- Owning life insurance can make estate planning complicated

- Estate Planning Red Flag: You and your spouse have a joint revocable trust

Excerpt from Is your estate plan flexible?

This year, just as in 2010, even the short-term future of the federal estate tax and other transfer taxes is uncertain. Currently, the exemption for gift, estate and generation-skipping transfer (GST) taxes is an inflation-adjusted $5.12 million, and the top tax rate is 35%. Absent congressional intervention, however, on Jan. 1, 2013, the exemption will drop to $1 million (indexed for inflation for GST tax purposes) and the top tax rate will jump to 55%. One proposal calls for a $3.5 million exemption and a 45% tax rate, but it’s not yet clear whether that or some other transfer tax regime will be in place next year.

Please see full newsletter below for more information.

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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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