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Temporary Estate, Gift And GST Tax Laws Provide Unprecedented Opportunities In 2012

December 14, 2011

By RENEE M. GABBARD, LISA M. LAFOURCADE & MEGAN S. ACOSTA

It appears that the current favorable estate, gift and generation skipping transfer (GST) tax laws may remain in effect until December 31, 2012 -- despite earlier rumors of an accelerated 2011 expiration date. These laws provide significant opportunities for wealth transfer at a reduced tax cost. We are advising our clients to take advantage of these laws in 2012 because there simply may not be another opportunity to transfer up to $5 million per person ($10 million for a couple) in tax-free gifts or to make taxable gifts at the current low 35 percent gift tax rate

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