Tax Law UpdateNovember 2011
Increased Federal Gift, Estate and GST Tax Exemptions. As you may know, on January 1, 2011, the Federal gift tax exemption increased to $5 million. An individual's available gift tax exemption will be reduced by any gift tax exemption previously used. The Federal estate tax and generation-skipping transfer ("GST") tax exemptions were also increased to $5 million for 2011. As we have mentioned, these provisions are a significant change from prior law that offer opportunities for major lifetime transfers. We have recommended to many clients that they take advantage of these increased exemptions as soon as possible.To continue reading, please click on the linked article above.