December 26, 1997 • Page Image 101
…can affect older taxpayers. Estate and gift tax laws also have undergone major revisions, effective in 1998. Congress also increased the estate and gift tax unified credit, indexed the annual gift tax exclusion and the generation-skipping tax exemption, and provided tax relief for heirs to small businesses. With rates of gift and estate taxes ranging as high as 55 percent on cumulative taxable transfers made during life and upon death, any red...…

















































