CHICAGO (AP) — Taxes that are largely a concern of the very rich will soon affect far more people unless Congress steps in.
The impending drastic changes in the estate and gift tax laws are prompting a flurry of activity as 2013 draws near. Family members are making financial gifts, creating trusts and considering other tax-minded moves.
Financial advisers, and trust and estate attorneys have been flooded with requests for assistance in the final months before the record-high exemption for both taxes is scheduled to plunge to $1 million from $5.12 million on Jan 1.
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