The estate laws of 2012 are generous and ripe for implementation. However, what will take effect on January 1, 2013 is anybody’s guess. One thing is clear: anything can happen in a divided and contentious lame-duck Congress.
There's simply nothing worse for wealth transfer planning than an unforeseeable future, but that's exactly what we face.
The great unknowns of 2013 have been featured once more in Forbes. In a recent article titled "Should You Give Your Wealth To Your Grandkids Before December 31?" this quandry is explored.
Unfortunately, the question posed in the title of the article is not given to easy answers. In the end, the how, when, whom and even how much issues must be addressed on a case by case basis. You know your own needs and assets.
Fortunately, competent counsel can help you make navigate these issues.
As it stands, everyone has something to gain by acting on current law, whether by gift or by trust, but your options may become extremely limited once the ball drops in Times Square.
Reference: Forbes (August 2, 2012) "Should You Give Your Wealth To Your Grandkids Before December 31?"