Trusts & Estates
Where might we go from here? Post-ATRA planning considerations in 2013 Or until the law changes… again.
By: Matthew T. McClintock, J.D.
We all know by now that ATRA 2012 provided the first permanent transfer tax law in more than a decade. The federal estate, gift, and GSTT exemption amounts are now set at $5.25 million per individual in 2013 and taxable transfers are taxed at the rate of 40%. Married couples (as defined for federal tax purposes) receive DSUEA portability as part of this permanent structure. For our friends who live in states with separate transfer tax structures, perhaps not much has changed. Several jurisdictions still impose a state estate or inheritance tax (or both) with exemptions much lower than the federal exclusion amount. So even if clients don’t have federal estate tax liability, state transfer tax planning can be a compelling motivator.
But amid the din of transfer tax discussions, it’s essential to not lose sight of the income tax planning opportunities that remain. Under ATRA 2012 income tax planning has become more important, and the opportunities will impact far more families.
To read more about post-ATRA planning considerations, please complete the form below.
Complete the form to get your free guide
2021 Tax Cheat Sheets for Clients and Prospects
Download our free tax filing cheat sheets to give to your clients and prospects.Learn More
Irrevocable Trust Gifting Trust Sample
Download our Irrevocable Trust Gifting Trust Sample and see how Wealth Docx(R) makes drafting gift trusts simple.Learn More
Tax Reform is Here: What You Need to Know to Advise Your Clients
The 2017 tax reform package is the most significant change to tax law in a generation. Find out what it means for estate planning and business clients in this in-depth thought paper.Learn More