Monday, October 29, 2012
Robert L. Moshman (Attorney, New York and New Jersey) recently published his article entitled, Skyfall 2012: Maximizing Year-End Gift Planning,The Estate Analyst (Oct. 2012). As its title suggests, the aritcle focuses of the mad dash to take advantage of $5.12 lifetime estate tax exemption. An excerpt from the article is below:
Alert! The sky may be falling (again)!
This is the time of year when the Earth passes through the tail of Halley’s Comet and the annual Orionid meteor shower provides a spectacular show of falling stars. This year’s show has some people mixed in with the meteors, i.e., James Bond is falling in Skyfall, and Felix Baumgartner accomplished a freefall from 24 miles high.
“The sky is falling!” is also what people say whenever the “Bush tax cuts” are about to expire. It has become combination of Cinderella and Ground Hog Day. Our federal tax code may turn into a pumpkin at year’s end by reverting to 2001 levels and Congress has us re-living this crazy scenario over and over. Let’s look at year-end planning for this unique time.