Pending Changes to Federal Estate and Gift Taxes for 2013

Estate planning attorneys have been advising clients all year about pending changes to estate and gift taxes if Congress fails to act before the end of the year.

2012-12-12

December 12, 2012 (Press-News.org) While the media has focused on the so-called "fiscal cliff" since the presidential election, estate planning attorneys have been advising clients all year about pending changes to estate and gift taxes if Congress fails to act before the end of the year. Significant increases could have serious implications for those with existing estate plans that are based on expiring tax provisions.

The exemption level on federal estate taxes and lifetime gifts has been at $5 million for years, but will revert to $1 million if the sunset provision in the bill that authorized the exemption level is allowed to go into effect. At the same time, the tax rate will increase to 55 percent from the current figure of 35 percent. These numbers obviously could have considerable significance for some people with relatively modest estates whose assets previously fell entirely within the exemption.

Because Congressional leaders and the Obama Administration are currently preoccupied with forging an agreement over income and capital gains taxes to avert an expected economic slowdown, many commentators are pessimistic about the chance for a last minute deal. This uncertainty makes now a good time to consult with a wills and trusts lawyer to create or revisit an estate plan.

Even if the full increases in tax exposure take effect, there are many smart and strategic ways to avoid estate taxes. An attorney can explain a range of trust options and other estate planning tools that can help a client maximize protection of their legacies and preserve wealth for designated heirs and trust beneficiaries.

Estate planning knows no season

The best time to craft a sound estate plan is yesterday because of the peace of mind planning brings. State and federal laws regarding taxation, probate and the powers of trustees are always subject to change, but an estate planning lawyer can explain the latest developments in light of an individual's unique financial circumstances and singular ambitions.

Whether it is a matter of simply updating a will or exploring differences among living trusts, irrevocable trusts and other instruments, clear legal advice can sort out the complexities and reduce the puzzle to manageable parts.

Article provided by Mark Godbey & Associates
Visit us at www.probateandestateplanningattorney.com

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