CNBC: “If you're a wealthy American who's planning to hire an estate or trust attorney later this year, here's a thought: Good luck. You're going to need it.
That's because the transit of Venus of estate planning is passing through, and by the New Year it is likely to be gone.
It's the lifetime gift-tax exemption of $5.12 million, paired with a similar estate-tax exemption. And it means that through the rest of this year, parents can pass along assets valued up to that amount to their heirs – maybe a house, maybe a stock portfolio, maybe part of the family business – without paying a single penny to Uncle Sam.”