• Estate Planning, After the Fiscal Cliff
  • February 6, 2013 | Author: George Frederick Bearup
  • Law Firm: Smith Haughey Rice & Roegge, P.C. - Traverse City Office
  • On New Year’s Day, Congress approved the American Taxpayer Relief Act of 2012. This long awaited legislation gives us some sense of permanency with regard to estate, gift and generation-skipping transfer taxes. From an estate planning perspective many of the very favorable terms of 2010’s legislation were continued, which may mean simplification for many estate plans. In general, most of the “Bush tax cuts” were made permanent with one important exception. What follows is an overview of the 11th hour tax legislation with regard to estate planning.