ALERT: President Obama Signs Bill on Tax Cut Extensions

By Beth Shapiro Kaufman , Lucy S. Lee , and Michael G. Pfeifer President Obama has signed into law a $858 billion tax cut package that will extend for two years the tax cuts enacted under President Bush in 2001 and 2003. The bill passed in the Senate on Wednesday and was approved by the House late...

Transfer Tax Law Changes; GST Planning Available Only in 2010

By L. Timothy Halleron , Carol A. Harrington , and Richard A. Lang The new federal tax law presents an extraordinary wealth transfer opportunity, but the generation-skipping transfer tax sale ends December 31, 2010. It's old news now that late last year the U.S. Congress allowed the estate...

Two Year Increase in Gift Tax Exclusion is Nearing Its End – The Window for Tax Savings Is Closing Quickly

By Genevieve M. Moore and Richard S. Kinyon , Morrison & Foerster LLP As reported in this space over the last several months, there has been unprecedented upheaval in the federal transfer tax world in the last few years. One element of this was the unexpected increase in the federal gift and...

Dynasty Trusts: The Perpetuities Patchwork and Other Considerations

by Genevieve M. Moore - Morrison & Foerster LLP As the year winds down, many of our clients are taking advantage of the unprecedented opportunity to make gifts of up to $5,120,000, per donor, free of any federal gift tax. Since the federal generation-skipping transfer tax (GST) exemption is also...

Dynasty Trusts: The Perpetuities Patchwork and Other Considerations

by Genevieve M. Moore - Morrison & Foerster LLP As the year winds down, many of our clients are taking advantage of the unprecedented opportunity to make gifts of up to $5,120,000, per donor, free of any federal gift tax. Since the federal generation-skipping transfer tax (GST) exemption is also...