The new year brought several major changes to the federal transfer tax laws. Three important transfer tax benefits were increased: the estate tax exemption, the gift tax annual exclusion and the generation skipping transfer (GST) tax exemption. In addition, 2008 saw the enactment of several favorable income tax laws. In this alert, we will discuss recent updates in the transfer and income tax laws, and how these changes create opportunities to minimize taxes in 2009 and beyond.

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Source: Private Client Group Alert
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