Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax benefits that were scheduled to “sunset” as of December 31, 2012, have been made “permanent” by the American Taxpayer Relief Act of 2012 (“ATRA 2012”). For the first time in approximately 11 years, we do not have to plan with imminent change on the horizon. However, the winds of change may blow once again when Congress and the White House take up broader issues such as the debt ceiling and the related automatic sequester of government funds, which were merely postponed for two months, along with the various tax and planning elements of the President’s budget proposal for 2013 that were not addressed by ATRA 2012.
Against this backdrop, the Trusts and Estates Practice at Katten Muchin Rosenman LLP is pleased to provide you with a summary of the most significant estate and income tax changes contained in ATRA 2012, from a personal planning perspective, along with recommendations on how the new law may be used to benefit you with future planning and how it should be taken into account when reviewing existing planning.
Please see full advisory below for more information.
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