To Tax Or Not To Tax, That Is The Question
- Posted in: Current Affairs
One of the things that will be determined by the outcome of the election on Tuesday, and which will have a huge impact on our firm—and on our clients—is the fate of the estate tax. As it stands, the estate tax will be repealed in 2010 and reinstated again in 2011. However, both presidential candidates have policy proposals regarding the future of the estate tax, and according to this article “many tax planners think estate-tax legislation is likely by the middle of next year.”
Legislation will mean change for those people planning to protect and pass on their assets after their death, and we are hoping it means good change, as both presidential candidates propose scaling back the estate tax. According to the article referenced above, “Obama's plan would cut down the number of estate tax filers dramatically. . . In 2011, 17,400 estates would be taxed under his proposal, roughly 15% of the 125,000 under current law.” And if McCain were to get his way “only 3,600 estates would pay the tax in 2011.”
The news and discussion taking place prior to the upcoming election only underscore the importance of reviewing your estate plan on a regular basis. Legislation pertaining to estate tax doesn’t usually register on the radar of the average person, but it can have a significant impact on your family and your finances.
We are hosting our 2008 Client Appreciation Event on December 8. Look for the invite in the mail in November and call in early to reserve your seat!