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Posts Tagged ‘GST’

The Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2012 Revenue Proposals, makes the following estate tax proposals, which you should consider when engaging in estate planning during 2011 and 2012.

It would be an understatement to say that the federal estate tax is in a state of flux. The current rules, with the generous $5 million individual exemption ($10 million for a couple), expire at the end of 2012. Last month, the Treasure Department released the “General Explanations of the Administrations’ Fiscal Year 2012 Revenue Proposals,” also known as the “Greenbook.” Perusal of the Greenbook reveals that the Obama Administration will be seeking to make some big estate tax changes. Return the Gift, Estate, and Generation-Skipping Transfer (GST) taxes to 2009 levels. The Greenbook proposes that in 2013 the exemptions…

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Federal Estate Tax lapses in 2010 and Congress has not yet decided what to do about it.

As you may know by now, the Federal Estate Tax lapsed in 2010 and Congress has not yetdecided what to do about it. I ran across another good end-of-year planning article, written by Robert Wood for Forbes. I think his tips are worth repeating here. 1. Remember that, even though there is no estate tax this year, executors for estates valued atmore than $1.3 million still must file an “informational” return with the IRS.2. While some (morbid) people are referring to this as “the year to die,” it is perhaps moreimportantly “the year to give.” The Gift Tax is still…

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