CLIENT ALERT - Gift Tax Exemptions to Shrink on Jan. 1

The opportunity to make large gifts without paying United States Gift Tax is due to expire at the end of 2012.  For the balance of this year, an individual may make a gift of $5,120,000 (less earlier gifts) without any U.S. Gift Tax, and a married couple may double that gift, to $10,240,000 (less earlier gifts).  These large gift tax exemptions are expected to decline to $1,000,000 as of January 1, 2013, making this an extraordinary and limited period of time for estate planning opportunities.  For further details, please click here.