Beth Tractenberg, a partner in Katten's Trusts and Estates Practice, was interviewed by Wealth Briefing about estate planning issues currently facing wealthy U.S. citizens, including the reduction in the U.S. gift tax exemption from $5 million to $1 million set to take effect at the end of this year. “You will see a major emphasis over the next eight months in planning for the additional $4 million of gift exemption," says Ms. Tractenberg. "Some clients are just starting to think about additional gifting now and will need to act quickly. It is going to get very tight as we get closer to year-end and I am urging people to start acting now.” Ms. Tractenberg adds that the November election may prompt clients to "front-load any income possible to recognize that income this year when income tax rates are lower than they may be next year." ("Looming Deadlines Make for Busy Wealth Structuring Season," May 14, 2012)