Law Practice
Dec. 29, 2012
Gift tax changes make work for attorneys
Through midnight on Dec. 31, individuals may give away up to $5.12 million without having to pay either a gift or generation-skipping transfer tax. But unless Congress passes new legislation, that amount will drop to $1 million on Jan. 1.
Daily Journal Staff Writer
The clock is ticking for trust and estate attorneys nationwide, who are racing to meet their clients' gifting needs before the year is up.
Through midnight on Dec. 31, individuals may give away up to $5.12 million without having to pay either a gift or generation-skipping transfer tax. But unless Congress passes new legislation before the end of the month, that amount will drop sharply to $1 mil...
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