News Summary: Estate and gift taxes in flux

COMING TAX CHANGES: A generous estate-tax exemption window is scheduled to close Dec. 31. Currently, you can give up to $5.12 million without incurring federal estate or gift taxes. Those exemptions drop to $1 million unless Congress acts, subjecting more than just the ultra-rich to big tax bites.

11TH-HOUR MOVES: Estate and trust attorneys have been swamped with requests to coordinate gift-giving moves or create trusts by year-end.

GIFTING RUSH: Besides making large gifts outright to family members, those in financial position to take advantage of such moves can consider transferring assets into trusts.