Helping you understand the American Taxpayer Relief Act of 2012 | Boston Law Firms
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Helping you understand the American Taxpayer Relief Act of 2012 | Boston Law Firms http://www.pabianrussell.com/Estate-Planning-Blog/american-taxpayer-relief-act
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Helping you understand the American Taxpayer Relief Act of 2012 | Boston Law Firms
- 1. Helping you understand the American Taxpayer Relief Act of 2012 | Boston Law Firms PABIAN & RUSSELL, LLC ESTATE PLANNING, CORPORATE LAW, ELDER LAW, TAXATION 265 Franklin Street Boston MA 02110-3113 Phone: 617.951.3100 Fax: 617.951.9929 Directions
- 2. Helping you understand the American Taxpayer Relief Act of 2012 | Boston Law Firms On January 2, 2013, President Obama signed the American Taxpayer Relief Act (the Act) into law. The Act extends many opportunities in estate planning, such as: Estate and Gift Tax Generation Skipping Transfer (“GST”) Tax
- 3. Estate and Gift Tax The Act makes the unification of the federal estate and gift tax exemptions permanent. It also continues the “portability” of the unified exemption amount, meaning: a married couple now may transfer $10 million during their lifetime or when they die without being forced to pay a federal transfer tax.
- 4. Generation Skipping Transfer Tax The new law permanently sets the Generation Skipping Transfer Tax exemption amount to $5 million and the tax rate at 40%. This means that each individual may transfer - to their grandchildren - up to $5 million without incurring federal gift or GST tax.
- 5. For more details, read Pabian & Russell’s Estate Planning blog entry, called: Understanding the American Taxpayer Relief Act of 2012 Pabian & Russell, LLC Website: Boston Law Firms