LEX VINI

Family Estate Planning – Favorably High Tax Exemptions to Expire in 2012

At the beginning of 2011, important changes were made to the way gifts made during life and at death were taxed.  Under current law, the amount each person can give cumulatively during their lifetime and upon their death without being subject to tax was $5,000,000.  In 2012, that exemption amount will increase to $5,120,000.  (It […]

New Estate and Gift Tax Will Impact Family-Owned Wineries

On December 17, 2010, President Obama signed into law a temporary, 2-year tax compromise hammered out in Congress during the so-called “lame duck” session.  The transfer tax highlights include: Ø     Lifetime estate and gift tax exemption reunified and increased to $5 million per   individual ($10 million per married couple) Ø     Estate tax rate reduced from […]

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