Proposed Changes To Tax Laws

The Administration’s recently-released budget for 2013 proposes changes to the estate, gift and generation-skipping transfer tax laws that would eliminate many of the opportunities that are currently available that allow property to be transferred to family members upon favorable terms. The Administration's proposals include the following:

..Reducing the gift tax exemption from $5.12 Million to $1 Million and the estate tax and generation-skipping transfer tax exemption from $5.12 million to $3.5 Million...

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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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