Estate Planning in 2013

As previously discussed, the American Taxpayer Relief Act, H.R. 8 (the “Act”) extended the unified estate, gift and generation-skipping transfer tax exclusion amount of $5 million indexed for inflation ($5.250 million in 2013) effective Jan. 1, 2013. The Act made the portability election permanent, which allows the surviving spouses to…

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Congress Passes Fiscal Cliff Act

On Tuesday, January 1, 2013, the Senate passed the American Taxpayer Relief Act, H.R. 8 (the “Act”) by a vote of 89 to 8, which the House of Representatives later approved by a vote of 257–167 on Tuesday evening. The Act now goes to President Barack Obama for his signature.…

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