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"Wilkins Miller has been our accounting firm since the formation of Project Design Group, Inc. (PDG) in 2003. Wilkins Miller was recommended to us by another company. We were told that they were easy to work with and would provide the accounting advice that we would need as a start-up company. I can say without a doubt that we have not been disappointed. We not only use them for PDG's tax preparations, but we consult with them throughout the year for tax planning, business advice, payroll questions, and many other accounting related issues. If we have a question or need, someone is always available for us, and we are always provided with good, solid professional advice. Page Stalcup has even returned my phone call while on vacation which speaks volumes for Wilkins Miller's commitment to their customers. Part of the success of PDG is directly attributable to the relationship and advice received from Page Stalcup and Wilkins Miller over the past nine years. PDG doesn't consider Wilkins Miller the typical client/customer type relationship. We think of Wilkins Miller as a partner especially in the case of Page Stalcup, a friend."

Wes Gerhardt & Chuck Knight
Project Design Group, Inc.
 
2010 Tax Relief Act is set to expire on December 31, 2012

The 2010 Tax Relief Act unified the estate, gift & generation skipping tax exemption at $5,000,000 and set the tax rate at 35% for amounts over the exemption. The exemption amount has a built-in inflation adjustment and for 2012 the exemption is $5,120,000. The Act is set to expire on December 31, 2012 and return to the provisions provided by the Economic Growth and Tax Relief Act of 2001. Thus, absent new legislation, beginning in 2013 the estate, gift & generation skipping tax exemption will return to $1,000,000 and a maximum 55% tax rate.

Many Republicans favor permanent enactment of the $5,000,000 exemption and a 35 percent tax rate (if not total elimination of the estate tax), while the Obama administration favors a $3,500,000 exemption and a 45 percent tax rate after 2012, the same rates that applied in 2009. As a result, certainty in estate planning remains lacking.

As you can see, time is running short. The ability to make gifts of up to $5,120,000, without the payment of gift taxes, may not be available after 2012.

Please call our office as soon as possible if you would like to discuss how these issues may impact your current estate and gifting plans.