Window For Estate Tax Savings May Be Closing
By RENEE M. GABBARD, LISA M. LAFOURCADE & MEGAN S. ACOSTA
The current favorable estate, gift and generation skipping transfer (GST) tax laws are set to expire on December 31, 2012. We are urging our clients to contact us by June 1, 2012 to allow sufficient time to engage in immediate planning under the current favorable laws. The ability to transfer $5.12 million per person ($10.24 million for a couple) in tax-free gifts expires December 31, 2012.
This Paul Hastings Client Alert focuses on the short-term opportunities available under the current U.S. gift, estate and GST tax laws and the long-term estate, gift and GST tax proposals under President Obamas 2013 Revenue Proposals.