Some people are waiting for the Estate Code to settle. The Bush Tax Cuts of May 2001 expire January 1, 2013. At that time, the Estate Tax exemption goes back down to roughly $1 million. Therefore, any assets you own valued at more than $1 million could be subject to federal and state Estate Tax which could be roughly 50¢ on the dollar. Waiting on the Tax Code to settle is like waiting at the beach for the waves to stop rolling in. The Tax Code is always going to be moving. It is how the government takes money in for their expenses and will be regularly modified for financial and political reasons. Currently, political parties are trying to propose small pieces of tax modifications which are only for political purposes. It won’t make any real change to the Tax Code or economic situation. We anticipate major changes to the Tax Code sometime in 2013, but then we may have nothing happen as the members of Congress and the White House seem highly divisive with each other.
You also never know when you’re going to become sick, mentally disabled, or pass on. If you don’t have a proper Estate Plan in place, then you will create chaos for yourself and your loved ones.
You want to make sure that you have an experienced Estate Planning Attorney work with you individually and spend time with you to make sure they understand your needs, concerns, and personal situation. Every family is different. You’ll want to make sure you have an Estate Plan that matches your moving personal relationships, the assets you own, and the laws that change.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.