Is this the calm after the taxstorm of 2012 now that the estate tax laws seem to have finally found a safeharbor after so many years of indecision? Maybe you are breathing easier nowand settling into the new tax law format. But what about your estate plan?Donâ€™t get too comfortable just yet â€“ a review of your estate plan is a wisecall before you can rest easy.
As you may have heard, themidnight compromise signed into law just before the tax law shifted back tenyears into the past, otherwise known as the American Taxpayer Relief Act of2012 (or ATRA 2012), finally set estate laws and wealth transfer taxes intostone. While â€œpermanentâ€ and â€œtax lawâ€ may seem a bit oxymoronic, the dealstruck in stone is at least better than the silly putty in play for a decade.
A recent Reuters article titled â€œNew estate tax rules call for new planningtacticsâ€ is a clarion call to review your estate planning. Some of thetax changes may have created some unintended consequences you ought toinvestigate, especially with the more generous federal estate tax exemptionamount.
Remember, estate planning is a process, not an event.A review of your estate plan is crucial from time-to-time, so donâ€™t postponethis check-up. Call us today. Remember, good planning is no accident.