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Don’t forget to factor state estate (and gift) taxes into planning. In decoupled states, the cost of not planning in 2012 can be substantial and many who might be affected may erroneously believe they are beneath the threshold where estate tax minimization planning is relevant.

Residency/domicile is significant for the determination of state income tax, trust situs for non-grantor trusts you have established, estate taxation (or avoidance), and interpretation of your will and revocable trust. Planning the situs or location of trusts established in 2012 is also vital to the potential benefits and even the success of the entire plan. Too often taxpayers incorrectly presume that their domicile for estate tax purposes is the state where their state income tax returns indicate they are residents for income tax purposes. Don’t presume that any trust you establish should be formed in the state in which you reside. You should endeavor to address these potentially dangerous misconceptions when engaging in 2012 planning.

Income, capital gain, dividend, and other tax planning considerations must be addressed for anyone engaging in 2012 estate planning. Strategic asset allocation, Roth conversion, and a myriad of other decisions may be affected.

Determine whether your planning in 2012 for divorce and asset protection benefits outweighs your estate tax planning concerns. Malpractice, divorce, premises liability, and other unmanaged risks can decimate an estate far worse than any tax.

Steps for Professional Advisers

Communicate with clients immediately as to the options available for 2012 planning. Consider an e-mail letter and postcard. Samples are provided in the Appendices. Mail a regular letter or postcard (more cost effective and likely more visible) to every client address. Remember an e-mail database will not include contact data for older clients who may not use e-mail or the Internet. Most important, many inactive clients will not be reached via a mass e-mail. Older clients are likely the ones that have the most outdated planning and who may benefit the most from 2012 planning.