Step-Transaction Doctrine Compliance

With the lifetime gift tax exemption at $5 million and the gift tax rate at 35 percent, now's a perfect time for taxpayers to take advantage of wealth transfer opportunities. But these opportunities aren't endless. Absent intervening legislation, the lifetime gift tax exemption will return to $1 million and the highest marginal gift tax rate will increase to 55 percent on Jan. 1, 2013.1 While this

With the lifetime gift tax exemption at $5 million and the gift tax rate at 35 percent, now's a perfect time for taxpayers to take advantage of wealth transfer opportunities. But these opportunities aren't endless. Absent intervening legislation, the lifetime gift tax exemption will return to $1 million and the highest marginal gift tax rate will increase to 55 percent on Jan. 1, 2013.1

While this may seem like plenty of time, it isn't, especially for those taxpayers who pl

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