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This article was presented by Richard H. Howard-Smith at the Continuing Legal Education seminar sponsored by the Wills, Trusts & Estates Committee of the Charlottesville-Albemarle Bar Association.
This Article is a concise summary and explanation of the most significant tax changes made by the American Taxpayer Relief Act of 2012 ("ATRA 2012"), with an emphasis on the changes affecting estates and trusts. ATRA 2012 was particularly profound in its changes to the federal estate and gift tax regime that for over a decade had been in a state of near constant flux. Now there is a sense of repose in those tax rules, so more permanent and reliable planning choices can and should be made. In addition, and likely unintentionally, the income tax aspects of ATRA 2012 severely impact estates and trusts, complicating the tax-efficient administration of the same.
Related Professionals: Richard H. Howard-Smith