Six Months Remain Before Significant Tax Opportunities Expire

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Over the past eighteen months, we have posted frequently to the blog about the valuable tax opportunities available to taxpayers in 2011 and 2012 in connection with gifting assets to younger generations.  We are now six months away from those opportunities expiring if Congress fails to act in 2012.

As a further incentive to clients who are considering gifting plans, the July Applicable Federal Rate (“AFR”) has been recently released, and it continues to remain historically low.  This means that sophisticated techniques such as GRATs and sales to grantor trusts become even more advantageous to implement when planning significant transfers of wealth.

Emphasizing these valuable opportunities is not only in the hands of professional advisors; the mainstream press has taken up the cause as well.  This recent  New York Times article also describes these opportunities:

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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