Current tax law provides for Estate/Gift/GST Tax exemptions of $5 million per person ($10 million for married couple) through 2012. This means that individuals can transfer significant amounts of wealth free of estate, gift and GST tax. However, these exemptions are scheduled to be significantly reduced to $1 million ($2 million) beginning on Jan 1, 2013, leaving only a limited time to optimize any gifting strategies to capitalize on the high exemptions. However, many people aren’t comfortable giving away such large amounts, concerned that they may need it for themselves in the future. This post outlines some irrevocable trusts strategies to help deal with that concern.