Six Months Remain Before Significant Tax Opportunities Expire


[author: Gary A. Phillips]

Over the past eighteen months, we have posted frequently to the blog about the valuable tax opportunities available to taxpayers in 2011 and 2012 in connection with gifting assets to younger generations.  We are now six months away from those opportunities expiring if Congress fails to act in 2012. 

As a further incentive to clients who are considering gifting plans, the July Applicable Federal Rate (“AFR”) has been recently released, and it continues to remain historically low.  This means that sophisticated techniques such as GRATs and sales to grantor trusts become even more advantageous to implement when planning significant transfers of wealth.

Emphasizing these valuable opportunities is not only in the hands of professional advisors; the mainstream press has taken up the cause as well.  This recent  New York Times article also describes these opportunities:


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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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