Trusts & Estates | American Taxpayer Relief Act of 2012
Positive consequences of the American Taxpayer relief Act of 2012.
By now you are most likely aware that President Obama has signed the American Taxpayer Relief Act of 2012. The Act has mostly positive consequences for estate, gift, and generation-skipping transfer (“GST”) taxes.
The exemptions for federal estate, gift, and generation-skipping tax transfers will remain at $5,000,000, indexed for inflation. Therefore, for 2013, the exemption amounts will each be $5,250,000.
The Trusts and Estates Group at Downs Rachlin Martin provides an update on the consequences of the American Taxpayer Relief Act of 2012 for estate, gift and generation-skipping taxes. The update considers portability, the effect on state estate taxes and tax planning opportunities.