Congress has averted the so-called fiscal cliff by passing the "American Taxpayer Relief Act of 2012" (the "Act") on January 1, 2013, which President Obama signed into law the following day.
On June 28, 2012, the Supreme Court ruled that the Affordable Care Act (ACA) is constitutional.
In previous newsletters, we have discussed the benefits associated with family limited partnerships. (See Planning to Pass the Baton: Family Wealth Transfers, September 2011).
If you are considering making gifts or transferring wealth to your children, grandchildren or other family members, 2012 is the time to act. 2012 presents an unprecedented opportunity for families to transfer wealth while minimizing transfer tax implications.
If you have accumulated a substantial investment portfolio, or you own a successful business, there may come a time when you start planning to transfer ownership of the investments, or business, to younger generations of your family.
The specter of federal estate tax repeal on January 1, 2010 has been looming since the enactment of the Economic Growth and Tax Reconciliation Act of 2001 (“EGTRA”).