There may be some serious changes occurring just around the corner that we need to be wary of. The first thing to pop into your mind is probably the 2012 U.S. presidential elections. But what you should also be thinking about is the fact that the current estate and gift tax is set to expire by the end of this year. The current exemption is at a favorable $5.12 million per person, and twice that for a couple. Any amount over this magic number is taxed at a top tax rate of 35%.
However, there may be pending legislation and proposals to drop the exemption to $1 million with a top tax rate of 55%. Because this is an election year, the party platforms covering the transfer tax regime will be relevant to what Congress might do over the next few years. Congressional action is more likely to relate to the amount exempted from transfer tax and the tax rate structure.
It would be wise to act now given the unfavorable situation we may all be faced with. Embrace this opportunity while you still can and contact your South Florida estate planning attorney now. You need to arm yourself with the necessary estate planning tools to protect your legacy and more importantly, protect your family.
If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?