As 2010 draws to a close, wealth managers can breathe a sigh from knowing what the estate and gift tax laws will be for 2011 and 2012.
For many wealth managers, the changes will make life simpler for clients—at least for the next two years. For an overview on the new estate and gift tax provisions, see our previous article on the new tax law: Clarity Comes to Estate Planning With Tax Bill's Passage.”
For families who wish to transfer extremely large asset, you may want to advise them to do so before the end of 2010. For instance, if they want to transfer an interest in a company to grandchildren, there are some Generation Skipping Transfer Tax (GSTT) plans that must be effected before the close of 2010.