What the “Fiscal Cliff” Resolution Means for Personal Estate Planning

January 23, 2013

For the first time in 12 years, the estate, gift and generation-skipping transfer tax law does not have a built-in expiration date in the United States. Congress has exempted all estates below approximately $5 million ($10 million for a married couple) from the federal estate, gift and generation-skipping transfer taxes. That exemption amount increases with inflation. Amounts in excess of those thresholds will be taxed at a 40% rate.

Read “What the “Fiscal Cliff” Resolution Means for Personal Estate Planning.”