Time to Check Your Will and Consider Expanded Gift Opportunities

more+
less-

Changes in the estate and gift tax laws contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Law”) have given us much to consider. For 2011 and 2012 there is a unified $5,000,000 estate, gift and generation skipping tax exemption amount, and a maximum estate and gift tax rate of 35%, plus the new concept of “portability,” whereby a surviving spouse is permitted to take advantage of the unused estate tax exemption of his or her predeceased spouse.

This is good news for those wishing to gift significant assets, but the Law can also have negative consequences under certain common will language. Those who do not review their wills to determine the Law’s effect on them can find themselves with (1) a significant state estate tax bill, and (2) inadequate provision for the surviving spouse.

Partners Richard Kay, Tracy Green Landauer and Eric Woldenberg and Associate Alan Laufer, all members of Pryor Cashman's Tax and Trusts & Estates Groups, have authored an informative Legal Update on these critical issues, entitled “Time to Check Your Will and Consider Expanded Gift Opportunities”.

LOADING PDF: If there are any problems, click here to download the file.


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.

© Pryor Cashman LLP | Attorney Advertising

Written by:

more+
less-

Pryor Cashman LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×