This is the 15th in a series of 23 tax tips thatAdvisorOne is publishing on each business day in March as part of our Tax Planning Special Report (see our Special Report calendar for a more complete list of topics to be covered and experts who will deliver their insights).
The tax tip today comes from Gavin Morrissey, director of advanced planning at Commonwealth Financial Network, in San Diego. Morrissey consults with Commonwealth's independent broker-dealer reps on issues involving insurance, tax, executive benefits, business, and estate and charitable planning. He also consults with advisors on concentrated stock and stock option planning and writes a tax planning blog for AdvisorOne.
The Tip: Leverage the Estate Tax Exemption
Startling, unexpected news can be hard to absorb. Morrissey (left) says surprise is the main reaction he has heard from his clients about the $5 million estate tax exemption and its reunification with the lifetime gift tax that was part of The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that came into effect on Jan. 1.