Barron's Plugs Qperts

To make the most of the lifetime exemption from federal gift tax, ideally one should give assets that are temporarily depressed in value.

Aren't we lucky to have a real estate bust?

Barron's highlights the advantages of giving the younger generation a residence via a qualified personal residence trust or a limited family partnership: Pass Along Your Real Estate Now.

(Note: I'm not a Barron's subscriber, but when I googled qperts, Google gave me access to the article.)

If Google is equally generous to you, see also the sidebar on the outlook for estate tax legislation. Will something happen after the election? Early next year? Either way, action is likely to be paired with the income tax fix:

"The normal thought process on Capitol Hill is that the more pieces in the package, the more likely you can give a little here and take a little there and hit a sweet spot," says George K. Yin, tax professor at the University of Virginia School of Law. With the estate tax in the mix, he says, there may be more flexibility to reach a compromise. Let the political see-sawing begin.

Take time also to appreciate how an illustration can enliven even the subject of death and taxes. Of course, the retro artwork is by Picasso:

No, not that Picasso. This Picasso.