New Year's resolutions typically center around improving physical, emotional and financial well-being. Among your resolutions should be a review of your personal planning documents to make certain that they are still effective under current law and still meet your personal goals. Many significant changes to the estate, gift and generation-skipping transfer tax laws took effect in 2010 and 2011, and some are scheduled to disappear in 2013 without further action by Congress, making this year a prime time to consider updating your estate planning documents.
•The federal estate, gift and generation skipping transfer tax exemption is $5,120,000 for 2012. In 2013, the exemption is scheduled to return to $1,000,000. Many estate plans take full advantage of the federal exemption by directing that assets valued in the amount of the exemption pass directly to your children or to a credit shelter trust under which your spouse has limited access. The significant increase in the federal credit may cause you to reconsider your options.
•The increased exemption in 2012 gives many individuals an unprecedented opportunity to make large gifts to save on estate taxes. You may wish to consider your gift tax planning options...
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Tax Law 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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