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Beth Shapiro Kaufman Quoted in Bloomberg BNA, Fiscal Cliff Unified Estate, Gift Tax Exemptions Seen as Windfall by Advisers

January 3, 2013, Bloomberg BNA
Reproduced with permission from Daily Tax Report, 02 DTR G-8 (Jan. 3, 2013). Copyright 2013 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com

Excerpt taken from the article
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Estate tax advisers and attorneys issued a collective sigh of relief Jan. 2 in reaction to the passage of provisions in fiscal cliff legislation that keep estate and gift tax exemptions at $5 million for 2013 and for the foreseeable future.

The American Taxpayer Relief Act of 2012 (H.R. 8), enacted by Congress Jan. 1, kept the estate and gift tax exemption unified at $5 million and made the exemptions permanent.

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"The two big things that people were worried about did not come to pass," Beth Kaufman, an attorney with Caplin & Drysdale, told BNA Jan. 2. The estate and gift taxes remain unified, and because the exemption level is not going down, clawback has ceased to be an issue.

Instead, the current $5 million exemptions will even retain the $120,000 inflation adjustments they picked up in 2012, and those adjustments will increase the exemptions over time.

Please click on the above PDF to read the entire article.

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