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

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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