• The Essentials of Estate Planning In 2011
  • May 12, 2011 | Authors: Steven P. Block; Michael K. Feigenbaum
  • Law Firm: Ruskin Moscou Faltischek, P.C. - Uniondale Office
  • On January 1, 2011, new legislation went into effect that: (i) significantly changed the Federal estate, gift and generation-skipping transfer (“GST”) tax rates, (ii) unified exemption amounts, and (iii) introduced the concept of “portability” to help avoid wasting unused exemptions. This new law sunsets on December 31, 2012 and as we experienced with the Federal estate tax repeal in 2010, there is no telling whether Congress will extend these tax provisions into 2013 and beyond. Accordingly, estate planning should be addressed now to take advantage of the opportunities brought about by new tax law changes, as well as to consider non-tax issues that remain of critical importance.