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ARTICLE · 17 JANUARY 2012

Estate Planning Update - December 2011

Day Pitney LLP
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The rumors that circulated in November that the Joint Select Committee on Deficit Reduction (the "Super Committee") would propose significant changes to the federal estate, gift and generation-skipping transfer ("GST") tax laws proved to be unfounded, as the November 23 deadline for the Super Committee passed with no action taken.

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Day Pitney LLP
Day Pitney LLP
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STATUS OF FEDERAL ESTATE TAX LEGISLATION

The rumors that circulated in November that the Joint Select Committee on Deficit Reduction (the "Super Committee") would propose significant changes to the federal estate, gift and generation-skipping transfer ("GST") tax laws proved to be unfounded, as the November 23 deadline for the Super Committee passed with no action taken. The possibility of change continues to loom, however, with the introduction of a new bill that proposes a reduction in the estate, gift and GST tax exemptions to $1,000,000 and a top tax rate of 55 percent. We can only speculate as to what Congress will do, but enactment appears unlikely at this time. As with past proposals, this bill also includes other provisions that would affect tax planning, such as requiring a minimum ten-year term for grantor retained annuity trusts (or "GRATs"), imposing restrictions on certain valuation and minority interest discounts, and limiting the duration of certain

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