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Estate Tax Planning

Take Advantage of the $5.12 Million Dollar Gift Tax Exemption in 2012

Posted on: August 14th, 2012
There has been a lot of media coverage about the Bush tax cuts that are set to expire on December 31, 2012 and whether they will be extended for all taxpayers or if they will be discontinued for top earners. But not nearly as much has been said about the current estate and gift tax rates that are also due to expire on December 31. What we have for the next few months is an historic opportunity in estate planning. At the end of 2010, Congress put in place a two-year estate tax provision that included a huge gift no one had been expecting: a $5 million gift and estate tax exemption, the highest it has ever been. It was indexed for inflation for 2012, making it even higher—$5.12 million—but for this year only. ...
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