By R. Zebulon Law, Esq. and Christy L. Lewis, Esq.
R. Zebulon Law, A Professional Corp., Costa Mesa, CA
As you may already know, the tax cuts implemented in 2001 (known as the “Bush Tax Cuts”) expire at the end of this year (2012). As they relate to gift and estate tax, this means that the current $5.12 million exemption amount is scheduled to decrease to $1 million as of January 1, 2013, unless Congress and the President enact legislation otherwise. Although it is impossible to predict what Congress will do, many commentators believe that Congress will be unable to implement legislation impacting these tax cuts before the election…..