Wealth Matters: The End of a Decade of Uncertainty Over Gift and Estate Taxes

By PAUL SULLIVAN Published: January 4, 2013 FOR many of the wealthy, the American Taxpayer Relief Act, passed this week by Congress, is aptly named. For gift and estate taxes in particular, all but the richest of the rich will probably be able to protect their holdings from taxes, now that Congress has permanently set the estate and gift tax exemptions at $5 million (a level that will rise with inflation). “You could say this eliminates the gift and estate taxes for 99 percent of the population, though I’ve seen figures that say 99.7 or 99.8,” said Richard A. Behrendt, director of estate planning at the […] Read more »

Happy [estate tax] New Year ? !

We have less than two months left to this calendar year. Hopefully we can look forward to a happy new year. The article below written by a good friend, Attorney Jeffrey L. Crown, contains what I consider to be important information regarding estate tax. Q. When the ball drops in Times Square, what will the Federal estate tax exemption be? 1. $5 Million 2. $3.5 Million 3. $1 Million 4. No one knows A. 4 is correct. No one knows. However, we can’t hide our heads in the sand. We have to construct estate plans which will “work,” no matter what the exemption level is. […] Read more »