Читать книгу 2012 Estate Planning - Martin Inc. Shenkman - Страница 47

The exemption for gift, estate, and GST purposes is $5.12 million. That is, the exemption amount is unified for all three transfer taxes. It was not always so, and it may not always stay so.

Prior to the 2001 Act (EGTRRA), the estate and gift taxes were unified (that is, the rates were the same), creating a single graduated rate schedule for both the gift and the estate tax. That single lifetime exemption could be used for lifetime (or inter-vivos) gifts and/or testamentary bequests. EGTRRA decoupled these taxes, fixing the gift exemption at $1 million while the estate and GST exemption amounts increased. The 2010 Act reunified all three transfer taxes with a $5 million exemption that is inflation adjusted. In 2013, absent action by Congress, the gift and estate exemption will drop to $1 million and the GST exemption will also drop to $1 million, but inflation adjusted to an estimated amount of $1.36 million for 2013 (more complexity).

Even if you are confident that the estate exemption in 2013 will be at least $3.5 million as proposed by President Obama, you should carefully weigh the risk that the retention of a $1 million gift tax exemption is possible. For many years the separate transfer taxes have been decoupled. Further, considering that the gift tax serves to backstop the income tax, not just the estate tax, there may be a meaningful incentive for Congress to revert the gift tax exemption to a $1 million level even if the estate and GST tax exemptions are increased above $1 million. Such a reduction to the gift tax exemption, even with a $5 million estate tax exemption, will inhibit much planning. This is an important reason why you should consider 2012 gift planning, even if your net worth is below $5 million. The $1 million exemption will inhibit state estate planning, asset protection planning, and more.