While the damage of Hurricane Irene is in the billions, Congress is currently in the process of enacting law that could cost the American people trillions.
On August 2nd, Congress approved the Budget Control Act of 2011, which calls for the appointment of a bi-partisan committee to propose new tax legislation by November 30, 2011 that would reduce the deficit over the next 10 years by $1.5 trillion. One of the first ways they will simplify the tax legislation will be to begin closing the loopholes in the current tax code, especially those breaks given to dead people. Soon after that, we will see the removal of automatic portability, a reduction in the estate tax exemption amount and an increase in the overall estate tax. After all, dead people tend to fight less than live people when being overtaxed.
What does this mean for you? Well, while many experts in my field (along with myself) have been preaching that all Americans have to get a comprehensive estate plan in place prior to December 31, 2012, the date we may have to focus on is actually November 30, 2011. For those that are calendar-impaired, THAT’S ONLY NINETY (90) DAYS FROM TODAY!!!
Rather than wasting your summer praying in vain for a savior to rise from these streets and enact a more favorable tax code (which may never come), you should be scheduling a free consultation with an estate planning attorney that can walk you through the process of using the current tax laws to your advantage before they possibly go away in three months.
For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at firstname.lastname@example.org to schedule your free consultation.
It’s a Wild world. Are you protected?