Impact New Tax Law on You

Despite What You Hear, the 2010 Tax Relief Act Does not obviate the need for estate planning for most of us.  

What Law Does for Two Years Before Sunsetting:
  • $5 million transfers to our loved ones without paying federal estate taxes
  • Spouses can combine exemptions so $10 million transfers death second spouse
Tax driven fear is abated for two years; then the law expires and Congress can change the exemption up,down or leave it the same or take no action and let it expire in which case the 2001 Tax Act, and $1M exemption applies.

What Law Does for Two Years Before Sunsetting 
  1. Appoint guardians for your minor children  
  2. Appoint healthcare decision makers in the event of your incapacity 
  3. Empower someone you trust to manage your financial affairs if you should become disabled
  4. Designate your beneficiaries
  5. Select the right  person to  wrapping up your affairs at death
  6. Defer, reduce, or eliminate gift tax and other related taxes
Attribution  Mass. attorney Danielle G. Van Ess-one of the finest contributors to education the public by blogging.  Danielle and Richard Mayberry are fellow members of Richard  Wealth Counsel, a national professional organization of estate planning attorneys.