The 2013 edition features the following information:

• American Taxpayer Relief Act of 2012. Congress extended (and made permanent) the Bush income tax cuts and the large gift and estate tax exclusion, while increasing the top income tax rate to 39.6% for fiduciary returns. In addition, certain trusts and estates are subject to the 3.8% net investment income tax. This edition includes coverage of the new tax law with updated examples and planning tips.
• Expansion of the Marital Deduction for Same-Sex Spouses. Under the federal Defense of Marriage Act (DOMA) definition of spouse, the marital deduction has not been allowed for property passing to same-sex spouses for federal transfer tax purposes. The Supreme Court has accepted the Windsor case involving the unlimited marital deduction for estate tax purposes of same sex spouses as part of a larger challenge to DOMA. In light of the Windsor case, this edition has enhanced the discussion on DOMA and its effect on trusts and estates.
• Transfer Tax System Summary. There are many uses for trusts other than income and estate tax savings; however, minimizing taxes remains an important goal of clients looking to establish a trust. A new section has been added that discusses the estate, gift, and generation-skipping transfer tax systems, and cross-references to relevant discussions throughout the Guide.