Estate tax uncertainty — Why you need to act soon

Description

Abstract: It’s essential to review one’s estate plan as soon as possible, because many federal gift, estate and generation-skipping transfer (GST) tax-saving strategies may no longer be available next year. This article discusses scheduled changes to exemption amounts and tax rates and the elimination of exemption portability, along with the possibility of reduced or even eliminated benefits associated with short-term grantor retained annuity trusts, intentionally defective grantor trusts and family limited partnerships (FLPs). But taxpayers can take steps to build flexibility into their plans, regardless of what Congress may or may not pass. A sidebar lists the president’s estate tax proposals.