With the current gift tax exclusion amount set at a record-setting $5 million, many taxpayers appear to consider the gift tax no longer relevant to their planning. That may be a mistake.

Taxpayers should consider a host of rules that may nevertheless draw them back into liability-prone situations. They should also consider current circumstances as something that they should take advantage of. Based on current law, present rates and exclusions offer only temporary opportunities that will no longer be available after 2012.

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