In 2013, Congress made permanent a generous estate and gift tax regime, which permits an individual to transfer more than $5.3 million to children and other beneficiaries free of estate and gift taxes.  Even so, the interests of hedge fund principals in their fund businesses routinely exceed that exemption amount.  A recent program presented by Ropes & Gray LLP outlined the current estate and gift tax regime and explored ways in which hedge fund principals may make lifetime gifts that maximize the value of their gifts while minimizing the estate and gift tax consequences.  For more on estate planning with hedge fund interests, see “Simple Goals in a Complex World: Estate Planning for Hedge Fund Interests,” Hedge Fund Law Report, Vol. 3, No. 11 (Mar. 18, 2010).