With the extension of very favorable estate and gift tax provisions set to expire at the end of 2012, estate planners and their clients are entering the final stretch in the race to take advantage of planning opportunities that may never return.
In December 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that provides for greater transfer tax exclusion amounts than previously seen, as well as a low uniform tax rate. However, the act is set to expire on midnight on Dec. 31, 2012. Congress has not yet taken any action to extend the provisions of the act, so it remains to be seen whether these favorable transfer tax provisions will apply beyond 2012. In light of this uncertainty, 2012 is the year to engage in estate planning with an eye toward the impending end of the favorable treatment.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
