Whatever happens with the "fiscal cliff," wealthy Americans could be paying their last respects to generous tax breaks that let them pass millions of dollars to heirs and other recipients tax-free. The exemptions, which are set to expire at year's end, allow individuals to pass on as much as $5.12 million in cash, property or other asset without paying any transfer taxes. Couples can give away more than $10 million.
"If you could afford to give something away and your estate is above $3.5 million, you have to look very hard at it," said Co-Chair of the Private Wealth Services Team David Sloan.
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