We advise our domestic and international clients on a broad spectrum of legal needs, including: estate and tax planning; business succession issues; litigated Surrogate's Court cases; trust and estate administration; lifetime transfers of wealth; and private foundations. We handle many of our clients' tax issues, including controversies with the Internal Revenue Service and other taxing authorities.
Planning Opportunities Set to Expire
May 24, 2012
Tax legislation enacted in 2010, which greatly expanded the estate, gift and generation-skipping transfer (or GST) tax exemption amounts and significantly reduced transfer tax rates, is scheduled to sunset on December 31, 2012. It is unclear whether Congress will act before the end of the year or let the current law expire. Accordingly, those who wish to take advantage of the current favorable tax rules should consider acting now and utilizing their remaining gift tax exemption (currently $5.12 million, less prior taxable gifts).
Below is a link to a memorandum that briefly describes the current law, possible changes to the law and planning strategies designed to take advantage of the current law.