Super Committee Failed to Propose Gift Tax Exemption Reduction But Members of Congress Still Seeking Changes

Although the rumored November 23 reduction in the federal gift tax exemption obviously never occurred, a new bill was proposed in Congress to significantly alter the estate, gift, and generation-skipping transfer (“GST”) tax rules.  Clients investigating opportunities to utilize their new $5 million gift tax exemption should consider acting soon.    

Super Committee Failed to Propose Gift Tax Exemption Reduction But Members of Congress Still Seeking Changes