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Foley, Foley & Pearson News

Wednesday, October 17, 2012

Fall 2012 Estate Tax Law Update

The current estate tax law is scheduled to expire on December 31, 2012, together with other "Bush Tax Cuts" affecting overall tax rates, capital gains taxes and taxation of trusts.  If Congress does not act by December 31, 2012 or pass a retroactive tax law change, the current $5.12 million estate tax exemption will expire and the law will revert to the 2001 exemption, adjusted for inflation, of $1.3 million.  Because of the risk that the larger exemption might expire and not be renewed retroactively, some wealthier Americans are choosing to take advantage of the $5.12 million exemption by making larger gifts in 2012 to family members or to trusts for themselves or their family. 

Contact us if you want to discuss your situation and how you might take advantage of the current law before it expires.


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