The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act) is coming to an end on December 31, 2012. The ACT revived the Federal Estate, Gift and Generation Skipping Transfer taxes retroactively to January 1, 2010. It also introduced the $5,120,000 exclusion amount for Federal Estate, Gift and Generation Skipping Transfer Taxes along with a level 35% rate. This ACT expires　December 31, 2012, reverting to Bush Tax Cuts tax which, only allow a $1,000,000 exclusion each with rates ranging from 41% to 55%.
Thus, until December 31, 2012 a great opportunity to make GIFTS is available to each of you. Generally speaking exclusions should be utilized as soon as possible. The problem is determining whether you can afford to give that much or even a portion away.
Do you even want to give it away? If you would like to discuss this opportunity please call to schedule an appointment.
If you have any questions or comments, please do not hesitate to contact me.
