Is this the calm after the tax storm of 2012 now that the estate tax laws seem to have finally found a safe harbor after so many years of indecision? Maybe you are breathing easier now and settling into the new tax law format. But what about your estate plan? Don’t get too comfortable just yet – a review of your estate plan is a wise call before you can rest easy.
As you may have heard, the midnight compromise signed into law just before the tax law shifted back ten years into the past, otherwise known as the American Taxpayer Relief Act of 2012 (or ATRA 2012), finally set estate laws and wealth transfer taxes into stone. While “permanent” and “tax law” may seem a bit oxymoronic, the deal struck in stone is at least better than the silly putty in play for a decade.
A recent Reuters article titled “New estate tax rules call for new planning tactics” is a clarion call to review your estate planning. Some of the tax changes may have created some unintended consequences you ought to investigate, especially with the more generous federal estate tax exemption amount.Remember, estate planning is a process, not an event. A review of your estate plan is crucial from time-to-time, so don’t postpone this check-up. Call us today. Remember, good planning is no accident.