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    Beware of the Reciprocal Trust Doctrine

    Trusts & Estate’s Magazine
    April 2012

    Many clients are planning to make large gifts before the end of 2012, to take advantage of what may be a fleeting opportunity to  do so without incurring any gift tax.  The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 temporarily increased the gift tax exemption from $1 million to $5 million in 2011 and $5.12 million in 2012.  The gift tax exemption is scheduled to revert to $1 million in 2013.  Unless Congress acts in 2012 to continue the current exemption, the end of 2012 will likely bring a stampede of clients seeking to capitalize on it before it reverts to $1 million in 2013.

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