The controversy has been raging for months – is it wise for an individual with a $5 million estate (or larger) to make a major gift before the end of 2012?1 As with many tax issues, it comes down to the governing objectives of the taxpayer. There is no one right answer to the question of whether gifts should be made before the $5,120,000 applicable credit amount/applicable exclusion amount for 2012 (shared by federal gift tax, federal estate tax and generation-skipping transfer tax) is scheduled to “sunset” back to 2001 at a level of $1,000,000 after December 31, 2012.2



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.