The "fiscal cliff" deal dramatically changed the nature of estate planning. The permanent, inflation-adjusted and portable exemption likely means that the "waves of clients [engaged] in estate planning in the closing months of 2012 may never appear again," writes Martin Shenkman, J.D., CPA/PFS. For high-income clients, changes to the estate and income tax laws will require planners to revisit plans and coordinate with other advisers to address harvesting of gains and losses, charitable planning, life insurance and bypass trusts.

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