In our previous post, we began looking at the various changes set to take place in the income tax and estate/gift tax systems. These changes, which could be significant, should prompt readers-especially those who are wealthy-to review their estate plan to take maximum advantage of the current situation.
At the start of 2012, all the same incentives to engage in estate planning that were present in 2011 are still present. What may be different, though, is a greater sense of urgency, as things are set to change at the end of the year, unless Congress takes action. Both in terms of income taxes and estate/gift taxes, changes are in store.