Will Rogers has been quoted as saying, The only difference between death and taxes is that death doesnt get worse every time Congress meets. Earlier this year, Congress passed the American Taxpayer Relief Act of 2012, which may have prevented us from falling off the fiscal cliff, but further complicated the already complex world of income taxation of estates and trusts.
Whether you are a fiduciary or beneficiary of an estate or trust, or one of their advisors, you should take note of some of the more important changes under the new income tax laws, as well as strategies that can be employed to minimize the tax.For some of those strategies to be effective, action must be taken right away.
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