12 tax tips for 2012
11. Evaluate estate tax implications
Speaking of the estate tax, the inevitable meeting of death and taxes will be a hot topic in 2012. If Congress takes no action, the current $5 million estate exclusion will fall to $1 million, and the tax on estates larger than that will be 55 percent on Jan. 1, 2013. If your estate will be larger than $1 million, talk with an estate tax adviser in 2012 about options to reduce any possible larger federal tax bite.