“Federal Estate, Gift and Generation-Skipping Transfer Tax Update – 2009 and Beyond”
The Federal estate, gift and generation-skipping transfer (“GST”) taxes are in a state of flux at the moment. It is widely anticipated that new legislation will be enacted before year-end. First the good news. Some very valuable estate, gift and GST exemptions increased as of January 1, 2009. Now, the bad news. A proposed bill pending in Congress would, for some individuals, represent an estate and gift tax increase of historic proportions.
This Stroock Special Bulletin provides an update on some of the important aspects of the transfer tax law, as it exists today, as well as a summary of changes that are likely to result from proposed legislation. In these volatile, uncertain times, one silver lining may be the opportunities that exist for those individuals feeling financially secure enough to do so to transfer wealth to the next generation. This Stroock Special Bulletin discusses the opportunities that exist today.