In case you haven’t heard, the New Year brought a new law recently signed by the President. To avoid the country from falling off the “fiscal cliff,” the “American Taxpayer Relief Act” was approved on New Year’s Day.
There are only a few days left before the clock strikes midnight on December 31st and the tax law changes. Or will it?
Fall Summit at the Catamaran
Our mission is to arm consumers and professional advisors in our community with the information needed to make informed decisions about their family’s and client’s future. With that purpose, we are pleased to announce the rollout of our new and improved Estate Planning website!
On December 17th, Congress revised the estate tax with a new law, TRA 2010, that sets the exclusion amount at $5 million per person for 2010 – 2012. However, this temporary adjustment to the estate tax exclusion disappears in 2013, and returns with an exclusion of $1 million per person. Read more about how the estate tax revision under TRA 2010 will affect your estate plan, regardless of whether you have a taxable estate.
The sudden death of Michael Jackson serves as a reminder to everyone that, no matter your age, you need to have your estate planning in order. The pop superstar died on Thursday, June 25th at 50 years old. The media is speculating as to how his estate will be handled and the future of his young children. No public statement has been made in regard to his personal planning and the media and the nation will wait anxiously to see how this unfolds. If Michael Jackson prepared a Trust the public will most likely never know the details as it will be held private, however, if he had a Will it becomes part of public record. In the state of California, a Will needs to be presented within 30 days. Jackson’s assets, royalties and the amount of debt he had accumulated most likely will lead to lengthy battles over his estate.
Carolyn Bigdas article “Rethink Your Legacy” in the June issue of Money Magazine explores the five questions you should be asking regarding your estate. The article recommends the American Academys website, www.aaepa.com, as a source to find a qualified estate planning attorney. The Associate Director of Education at the Academy, Steve Hartnett, was also interviewed in the article and lent his expertise to one of the five questions. This is the fifth mention of finding a quality attorney on the American Academys members list by Money Magazine in the last 21 issues.
The American Academy of Estate Planning Attorneys was recommended in the January 2009 Consumer Reports Money Adviser newsletter. The article “How to Avoid Inheritance Feuds” focuses on techniques for avoiding conflict after a loved one passes away.
In the January 2009 issue of Money Magazine, Walecia Konrads article entitled “Keep It In The Family” focuses on making sure the wealth youve worked so hard to accumulate will go to the people you love.
Robert Armstrong, President of the American Academy of Estate Planning Attorneys, was interviewed by Money Magazine senior writer Penelope Wang for her article “A Midlife Money Checkup” in the March 2008 Issue.