The 2010 Tax Act creates many new opportunities, but beware of unexpected traps
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Tax Act) creates significantly more multi-generational trust planning opportunities. The 2010 Tax Act increases the gift, estate and generation skipping transfer (GST) tax exemption to $5 million per person through Dec. 31, 2012.1 The increased exemptions create a window of opportunity, making now an ideal time for transfer-tax planning. Asset values, particularly for real estate, are low. Interest ...
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