With every New Year comes change. With Y2K13 comes substantial changes in the United States Tax laws—as part of the so called “Fiscal Cliff”.  One of the areas of change in 2013 is the gift and estate tax law, especially the exemptions available to individuals and married couples from gift and estate taxes.

The House of Representatives—by a vote of 257-167, and the Senate—by a vote of 89-9 approved the Senate’s plan in attempt to avoid the fiscal cliff. President Barak Obama is expected to sign the bill into law. In the plan, the estate tax will rise to 40% with a $5 million exemption which will now be indexed to inflation. So far, the issue of gift tax has not been addressed. Unfortunately, the package sets up a mini fiscal cliff in two months (March 1, 2013), furthering confrontation over spending cuts, the debt ceiling, and the longer-term budget outlook.

While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones. Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

Whether our clients are still at the early part of their earning potential, have young children to worry about or are concerned with reducing the possible estate tax or probate mess left for their loved ones when they die, accomplishing these goals as quickly as possible is crucial. Our mortality is not in question; the only question is whether or not you choose to protect your loved ones and your wealth while you are still alive and able to do so.

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 to schedule your free consultation. It’s a Wild world. Are you protected?SM