02/28/2012
Obama Administration Budget Proposals Include Income and Estate Tax Increases
In this client alert, our estate planning and tax attorneys discuss the tax increases proposed in the Obama administration's proposals for fiscal year 2013. These include changes that make it more difficult to pass wealth from one generation to the next without tax such as the elimination of the "intentional grantor trust", the elimination of perpetual trusts, limitations on grantor retained annuity trusts (GRAT's), limitations on valuations discounts and increases in income tax rates for upper income taxpayers. We offer steps that can be taken now to address these potential tax increases.