Welcome to politics in 2012! Did you sign up for what we’re getting in America? In many ways, nobody is happy with the landscape. Many of us—Independents, Democrats, and Republicans alike—are unhappy (or even disgusted) with politics in general. It’s at the point of being most disgruntled, however, that we need to pay the most attention. It’s the point at which real transformation can occur.
On December 31st of this year, a law that provides very good tax treatment for estates will sunset, unless it is renewed by Congress and the President. The current law exempts from taxation estates of $5 million or less ($10 million for married couples). That means that most folks currently fall completely outside the realm of taxation.
If the current law does expire, the law that replaces it will likely tax estates that exceed the $1 million mark. In other words, the new law will almost certainly cast a much wider net.
What You Can Do
Even if the beneficial estate tax laws sunset in 2012, you can take action today to prevent losing significant benefits. There are several things you can do. You can give gifts, you can create a trust, and there are some other tricks that can likely help you save on estate taxes.
If you have questions about establishing an estate plan, please don’t wait to call our office. Time is ticking. If you call our office today and mention this article by name, we’ll give you a Family Wealth Planning Session™ free of charge . . . a $750 value, absolutely free of charge. Don’t wait. November and election time could honestly be too late.