Tax Hikes Loom
July 12, 2012 By Parman and Easterday
Oklahoma City estate planning attorneys are always reminding their clients to stay in touch because the initial estate plan is like a snapshot whereas estate planning as a whole is an ongoing motion picture of sorts. As things change, the estate plan that you previously constructed may need to be updated – something to keep in mind every step of the way.
With this emphasized, you would do well to understand the fact that significant tax hikes loom in the immediate future.
At the end of 2010, t he Bush era tax cuts were extended via the passage of a bill known as the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This measure is going to expire at the end of this year, assuming there is no new legislation enacted in the meantime.
The expiration of these tax cuts could be very significant to you, depending on your financial situation. Long-term capital gains and dividend taxes are being increased while the estate tax exclusion is being reduced to $1 million and the maximum estate tax rate is increasing to 55%. Currently, these parameters stand at $5.12 million/35%, so while you may be exempt in 2012, you might be exposed to the estate tax in 2013.
If there was ever a year during which you definitely need to sit down and discuss your financial situation with an expert, this is the one. Should you be interested in doing just that, take action right now to arrange for a consultation with a licensed, experienced Oklahoma City estate planning lawyer.
ABOUT THE AUTHOR: Larry Parman
Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers estate planning and business planning resources to residents of Oklahoma City OK.
Copyright Parman and Easterday
More information about Parman and Easterday
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
At the end of 2010, t he Bush era tax cuts were extended via the passage of a bill known as the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This measure is going to expire at the end of this year, assuming there is no new legislation enacted in the meantime.
The expiration of these tax cuts could be very significant to you, depending on your financial situation. Long-term capital gains and dividend taxes are being increased while the estate tax exclusion is being reduced to $1 million and the maximum estate tax rate is increasing to 55%. Currently, these parameters stand at $5.12 million/35%, so while you may be exempt in 2012, you might be exposed to the estate tax in 2013.
If there was ever a year during which you definitely need to sit down and discuss your financial situation with an expert, this is the one. Should you be interested in doing just that, take action right now to arrange for a consultation with a licensed, experienced Oklahoma City estate planning lawyer.
ABOUT THE AUTHOR: Larry Parman
Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers estate planning and business planning resources to residents of Oklahoma City OK.
Copyright Parman and Easterday
More information about Parman and Easterday
View all articles published by Parman and Easterday
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
