Time-Sensitive Estate Planning Options

Wealth owners have an 18-month window of opportunity to capitalize on gift, estate, and generation-skipping tax provisions of the 2010 Tax Act. In this session at the 2011 FOX Financial Executives Forum, a noted trusts and estates attorney recommends what to do now. 

• From now until the end of 2012, couples have an opportunity to seize on a gift and estate tax exemption of $5 million each during their lifetime or at death, compared with $1 million in the past. However, they must be careful to take into account any exemption they already have used. 
• Take a look at the remaining exemption for gift and estate tax purposes and the consequences of making transfers from a business and operational standpoint. 
• This is a historical time of depreciated asset values, which makes a QPRT especially attractive right now. 
• There is still a lot of concern about preservation of an income stream. Wealth owners can preserve income through a GRAT, QPRT, intra-family loan, or IDGT.