Extraordinary Estate and Gift Tax Planning Window Might Close Before the End of the Year

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The very favorable estate and gift tax planning environment that currently exists could be nearing an end. This Client Alert will have special interest to anyone who has a sizable estate and wants to minimize their family’s exposure to estate, gift and generation skipping transfer taxes.

The media has made it well known that “Taxmageddon” (aka the “fiscal cliff”) will occur at the end of this year unless Congress extends the Bush-era tax cuts that expire on December 31. The expiring provisions include many significant estate, gift and generation skipping transfer tax laws. For example, unless Congress takes action...

Please see full alert below for more information.

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Topics:  Fiscal Cliff, Gift-Tax Exemption, Grantor Retained Annuity Trust, Qualified Personal Residence Trust, Year-End Tax Planning

Published In: Tax Updates, Wills, Trusts, & Estate Planning 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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