Irrevocable life insurance trusts, qualified personal residence trusts and family limited partnerships may no longer be relevant for some taxpayers with the passage of the American Taxpayer Relief Act of 2012. With a permanent increase in the federal estate tax exemption and portability, some of these strategies have lost their applicability. However, changing them might not be easy, and in some cases, even if the estate tax shelter is no longer needed, they may still provide valuable asset protection.

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