Estate planning attorneys everywhere are trying to let everyone know that the lifetime estate tax exemption of $5.12 million is scheduled to decrease at the beginning of 2013. Under normal circumstances, attorneys would be urging you to contact your congressmen and congresswomen to ask them to vote to keep the current limit. You can try that. However, the reality is that in the current political climate it is unlikely to have any affect, especially in an election year.
This time, the wisest course of action is to act now to do something about your estate before the end of the year. Minimizing the impact of the estate tax on your estate is not all that complicated. Basically, you just need to start a gifting program. However, there are good ways and bad ways to start a gifting program. What is right for you, will not be right for someone else.
Talk to an experience estate planning attorney as soon as you can to find out what the best gifting program is for you. Let the attorney decide your best course of action.
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