Reminder: US$ 5 Million Tax Exemption Ending at the End of the Year!
Before I add a few comments on Europe and its currency, I'd like to remind our readers with a US taxpayer status (residents and ex-pats!) one more time of their unique estate planning opportunity that will most probably run out at the end of this year.
As we approach September, US taxpayers should remember that the US unified estate and gift tax exemption, currently set at USD 5 Million per person, will expire at the end of this year. As of January 2013, it is scheduled to most probably be reduced to USD 1 Million. Furthermore, the estate and gift tax rates are also scheduled to go back to their prior 55% level, from the current 35%.
US persons who can benefit from this exceptional window of opportunity and have not made use of it yet should evaluate their options while there is still time to secure significant savings on future transfer taxes.