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Friday, May 18, 2012

Do You Know Your Taxes Are Going Up?

 

By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho

In April, I attended a national meeting of the American Academy of Trust, Estate and Elder Law Attorneys, a premier educational seminar for attorneys like me who do estate planning.  From that experience, I want to share some important information with you.

Taxes are scheduled to increase dramatically in 2013: 

 

                                                                             2012                  2013

Estate and Gift Tax – Top Tax Rate                     35%                   55%

Estate and Gift Tax Exemption                             $5 million           $1 million

Federal Income Taxes – top rates

         Capital Gains                                                15%                   20%

         Qualified Dividends                                       15%                   39.6%

         Interest & Compensation Income                  35%                   39.6%

        

In the current political climate, Congress and the President are not likely to reach a compromise on these issues, and in fact the President wants to make “the rich” pay their “fair share” in taxes.

What does this mean for you?  2012 is a year of opportunity while taxes are lower.  It would be wise to schedule an appointment to review your estate plan before September 1, and see if there are steps you can take to improve your family’s position.  If you wait to the last minute, it may not be possible to put a plan in place before the law changes.

 


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