If you make big gifts in 2011-2012, what happens when you die in 2013 and beyond?
Right now, and continuing through 2012, there is a gift tax/estate tax/GST exemption amount of $5,000,000 per person. We have discussed before what a fantastic opportunity this can be for wealthy families to do transfers...
David R. Schoenhaar, Esq.*
As of January 1,
2011, new legislation went into effect that: (i) significantly changed the
Federal estate, gift and generation-skipping transfer ("GST") tax rates, (ii)
unified exemption amounts and (iii) introduced the concept of "portability"...