California Estate Planning Blog by Kevin Staker

December 20, 2011

Estate, Gift, and Generation-Skipping Transfer Tax Exemptions Increase to $5,120,000 in 2012

Filed under: Uncategorized — Kevin Staker @ 8:43 am
Tags: , , , , ,

The 2010 Tax Act provides that the estate, gift, and generation-skipping transfer tax exemptions are tied to inflation from 2011. Hence, the IRS has announced the estate tax exemption, gift tax exemption and even the generation-skipping transfer tax exemptions will increase to $5,120,000 effective January 1, 2012.

Of course, please remember that if the law does not change, the estate and gift tax exemptions will revert to $1,000,000 on January 1, 2013.


1 Comment »

  1. Probably no one has commented here because trying to reason with the do-nothings in Congress and the WH is pointless. I would like to point out though that it is impossible to do estate planning when the laws change frequently. In addition, for those of us in our twilight years we are forced to carry insurance to cover potential estate tax liabilities of our heirs. This is a total WASTE of hard-earned money that I want to give to my grandchildren. Instead, … Oh, what’s the use!!!!

    Comment by Jack — July 1, 2012 @ 12:54 pm | Reply

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: