Description
On January 1, 2013, Congress passed theAmerican Taxpayer Relief Act of 2012, and President Obama signed the Act into law on January 2, 2013. Experts consider the law's changes in the estate planning field to be huge, opening up great planning opportunities for trusts and estates lawyers. Exemption amounts, and their ‘permanence,' for gift, estate and generation-skipping tax, the exclusion amount for a surviving spouse for federal gift or estate tax, and the effect of the federal changes on how to plan for New York's tax laws are just some of the Act's changes and implications for estate planners.