The gift tax exemption is currently $5.12 million and, without further Congressional action, will drop back to $1 million in 2013.1 While some believe Congress won’t allow such a dramatic decrease, many estate planners are recommending their clients take action and irrevocably gift assets to their heirs before the end of the year. However, other than ultra-wealthy clients who have more assets than they’ll ever consume, many are being advised by their financial advisors ...

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