AICPA Tells Congress to Get Moving on New Estate and Gift Tax Lawby Victoria Majors Jones, CPA on 06/23/12
On May 31, 2012 the AICPA told Congress that "The uncertainty of the tax law impedes proper estate planning for taxpayers, and the necessity to revise estate planning documents multiple times places an undue burden on taxpayers and their advisors. In addition, if no Congressional action is taken, on January 1, 2013, the 2001 legislation will sunset, which will create turmoil for gifts to multigenerational trusts to which GST exemption was allocated between 2001 and 2012".
I agree with the AICPA. With such uncertainty in the estate and gift tax law, it is impossible to help clients with any sort of tax planning in this area. Hopefully Congress will pass a law by the end of 2012 or sooner.