Congress gave us all the lovely New Year’s gift of a new tax act. For most taxpayers it’s a wonderful gift that will change the face of planning. For the very wealthy, it dashed all hopes of the “death tax” disappearing. The name for the new law, the American Taxpayer Relief Act of 2012, known by the simple acronym “ATRA,” belies the complex implications to the estate planning process and profession. The face of estate planning has been forever changed. Key elements include:
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