Laurie Hall: Estate Planning & the $5.12m Exemption
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Laurie Hall | Edwards Wildman
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Laurie Hall: Estate Planning & the $5.12m Exemption
- 1. Laurie Hall’s Sound Off: Estate Planning and the Uncertain State of the $5.12 Exemption © 2012 Edwards Wildman Palmer LLP & Edwards Wildman Palmer UK LLP
- 2. Year End Forecast. ♦ If the Bush tax cuts are extended, it’s likely the $5.12m exemption will be extended along with them ♦ If not extended, 2012 could represent a one time opportunity to give away more than $5m, transfer tax free Laurie-Hall.com
- 3. Ask Yourself. ♦ Since we can’t know what will happen for sure, it’s important to plan for all possibilities in advance ♦ Four questions to ask yourself: ♦ Can I afford the gift? ♦ What should be given away? ♦ How will the gift impact the recipient? ♦ Should a trust be created, and if so, what should the terms be? Laurie-Hall.com 3
- 4. Laurie Hall’s Bottom Line. ♦ Not only will estate planners be busy in December – so will appraisers and accountants ♦ Financial institutions impose cutoff dates after which no transfer will be performed before year end ♦ Thinking and planning should be done now – especially given that many estate planning techniques can be quite sophisticated and time intensive Laurie-Hall.com 4
- 5. Additional Resources. ♦ How will the potential year end changes impact my personal planning? ♦ What – if any – actions should be taken before the end of the year? If you’re asking yourself these questions, see Edwards Wildman’s client advisory here. Laurie-Hall.com 5
- 6. For more information, contact: Laurie J. Hall Edwards Wildman Partner +1 617-239-0136 lhall@edwardswildman.com Laurie-Hall.com © 2012 Edwards Wildman Palmer LLP & Edwards Wildman Palmer UK LLP