Historic Estate & Gift Tax Savings Opportunities Almost Gone
We are half way through 2012 and the generous tax legislation that went into effect on January 1, 2011, is scheduled to sunset on December 31, 2012, if Congress fails to act. Those who can participate in significant gift planning must act now if they plan to take advantage of the historic opportunities presented by the high gift tax exemption amount before the close of 2012.
What's At Risk?
If Congress does nothing, which is highly likely given its failure to act in 2009 and the fact that this is an election year, the estate, gift, and generation-skipping transfer (GST) taxes will revert to pre-2001 levels as follows...
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Topics: Generation-Skipping Transfer, Gift-Tax Exemption, Grantor Trusts, Intentionally Defective Grantor Trusts, Tax Relief Act of 2010, Year-End Planning, 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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