There is a lot of talk currently going on in Washington about the estate tax. Remember; however, the estate tax currently affects a very small and very wealthy number of Americans, with only the estates of about 2 out of every 1,000 Americans who die facing the tax.
From the Cramer Law Center family to yours, we wish you the happiest of holidays and a healthy and prosperous New Year. Our office will be closed from December 26, 2016 until January 3, 2017, so that our entire team can spend some much deserved time with their families.
When we return to start the New Year, we will hold our first “Truth About Estate Planning” Workshop on Monday, January 16, 2017 from 9:30 a.m. until 12:00 p.m. This is a day off of work for many. So, if you haven’t had time to come to one of our workshops because they are held on week days, now is your chance! Our workshops are packed with vital information about estate planning, taxes, how to protect loved ones from creditors and predators - - and much more. We hope you will be able to join us. R.S.V.P. to 904-448-9978 to start your New Year off wiser and better informed about your estate planning options.
Senator Bernie Sanders, a presidential candidate, recently proposed a bill in Congress that he titled “The Responsible Estate Tax Act.” The Act proposes to raise the estate tax and broaden its coverage. The proposal immediately was endorsed by well-known economists such as Robert Reich and Thomas Piketty. Surprisingly, for an unabashed progressive like Senator Sanders, the Act proposes only a modest increase in the estate tax. Here is what the bill would do:
The Heckerling Institute on Estate Planning, held every January, is the nation’s leading conference for estate planners. This year’s most-discussed topic was big changes in planning for same-sex couples.
So, it appears that we did not go off the first “Fiscal Cliff” and some momentary “permanence” has been given to the Estate Tax Law. In the just passed “American Taxpayer Relief of 2012,” Congress kept in place the 2010 estate tax law with its Five Million Dollar ($5,000,000.00) personal exemption, adjusted annually for inflation. The only thing the lawmakers actually changed is the gift and estate tax rate, which has gone up to a top rate of forty percent (40%) from a previous maximum of thirty-five percent (35%). The exemption amount in 2012 was 5.12 million dollars, per person. The 2013 exemption amount is reported to be 5.22 million dollars per person. This amount of money either can be given away during lifetime or after death; it also can be given or devised to grandchildren without occurring any additional generation skipping tax.