Bloomberg:  Rich Passing Up $10 Million Opportunity to Gift Tax-Free:

John Glass expanded his family business to more than 90 employees from seven workers over four decades. Last year, U.S. tax laws prompted him to gift about $2 million of company stock to his three daughters. Glass, 70, and his wife are debating passing on more of their interest in Illco Inc. … before the lifetime tax exclusion on gifts of as much as $10.24 million per couple expires Dec. 31. Like the majority of America’s wealthiest families, they’ve yet to take full advantage of an opportunity wealth advisers call unprecedented.

Families can save millions in taxes by making large gifts, said Lisa Featherngill, a managing director at San Francisco-based Wells Fargo & Co.’s Abbot Downing wealth-management unit. Fewer than 10% of clients with at least $10 million have used even part of the exemption or plan to by December, said two-thirds of certified public accountants surveyed by the American Institute of CPAs. The New York-based group collected data from 227 accountants who also are financial planners. …

About 59% of accountants surveyed said their clients who have or will use the gift-tax exemption are giving $1 million or less, data from the American Institute of CPAs report show. The study is scheduled to be released this month. For families with more than $100 million, deciding to transfer as much as $10 million now may be an easier decision because it’s a much smaller percentage of their net worth. … Many are setting up irrevocable trusts for children or grandchildren and transferring assets such as second homes that have the potential to appreciate.