Gunderson Denton & Peterson Logo Sized For Mobile Browsing

480-655-7440

Arizona Attorneys, With Law Offices In Mesa
Mesa Arizona Estate Planning Attorney
  • 1930 North Arboleda, Suite 201
    Mesa, AZ 85213
    480-655-7440
    40 N. Central Avenue, Suite 1400
    Phoenix, AZ 85004
    480-325-9937
    [email protected]
    • Gunderson, Denton And Peterson Office Locations


      View View Gunderson, Denton And Peterson Locations in a larger map

      Planning for the Future with Gunderson Denton

      Estate Planning Moves to Make Before the End of 2012 (because of the pending changes in estate and gift tax laws)

      As the year 2012 comes to a close, there are several changes regarding estate and gift tax laws that are set to kick in with the New Year. Unless Congress decides to act before the end of the year, the federal estate and gift exemptions will return to 2001 levels and estate tax rates will increase beginning January 1, 2013. In the event that Congress does not move to extend the current exemptions and tax rates, it will be important for you to understand how the new changes will affect your estate and future estate planning as well as if there is anything you can do in the final weeks of 2012 to benefit from the current law.

      Reduced Exemption Means Higher Taxes

      Under the current law, the lifetime gift exemption is $5.12 million per person ($10.24 million for couples) and the top estate tax rate is 35%. At the beginning of 2013, assuming that Congress does not act to extend the current exemptions and tax rates, the exemption will fall to $1 million per person ($2 million for couples) and the top estate tax rate will increase to 55%.

      What this means is that a large group of people who did not need to plan for the federal estate tax will now need to consider and plan for this costly tax. If you are a person with a taxable estate that is worth less than $1 million or a couple with a taxable estate that is worth less than $2 million, the changes previously discussed probably won’t mean much to you and your estate plan at the moment. If you are a person or couple who has a taxable estate that is worth more than those amounts, you could experience a substantial increase in your estate tax liability as a result of the pending changes. Remember, your estate includes your home, insurance policies, investments, and everything you own.

      Only a Few Weeks Left To Take Advantage of the Higher Exemption

      In the next few weeks you should consider taking advantage in the current $5.12 million exemption ($10.24 million for couples) in order to limit your estate tax liability. Gifting part of your estate to your heirs while the current exemptions and tax rates are in place, along with other estate planning strategies, could be very beneficial for your estate.

      With only a few weeks until the changes potentially kick in, it is important that you know what your options are and what the best course of action is for you to take. Our Arizona estate planning attorneys at Gunderson, Denton, and Peterson PC can help you take advantage of the current exemptions and tax rates as well as answer any further questions you may have about your estate plan.

      Author Brent Gunderson Written By

      Gunderson, Denton & Peterson, P.C.

      Mesa Location:
      1930 N Arboleda #201
      Mesa, Arizona 85213
      Office: 480-655-7440
      Fax: 480-655-7099

      Phoenix Location:
      40 N Central Ave #1400
      Phoenix, AZ 85004
      Phone: 480-325-9937

      Lawyers for estate planning and immigration in Mesa, Arizona

      [jetpack-related-posts]

      Leave a Reply

      Estate Planning
      Professionals

    • Mesa Arizona Estate Planning Lawyer Brent Gunderson
      Debbie Mitchell, estate planning paralegal at Gunderson Denton
      Paralegal For Estate Planning Lindsey Rice
    • GDP Estate Planning Blog

      Is There an Income Tax Time Bomb Lurking in Your Estate Plan?

      Estate Planning for Young Families

      Estate Planning Practice News Update: Brent Gunderson now licensed in both AZ and NV

      The Shocking Truth About Asset Protection Planning

      Three Estate Planning Mistakes Farmers and Ranchers Make and lose their cash and How to Avoid Them

      Transfer on Death Designation for Automobiles

      Does Your Family Member Have Capacity To Create A Will?

      How Clients Can Easily Integrate Asset Protection Trusts into Their Estate Plans

      5 Things to Consider for Flexible Trusts to Update Your Estate Plans

      I Created A Will With A Form I Found On The Internet. Do I Need To Worry About Its Validity?

      Five Ways to Make Trusts More Flexible

      And Then There Was One: When Removal Clauses Backfire

      Why You Should Avoid DIY Estate Planning

      How to Create a Successful, Multigenerational Wealth Transfer Plan

      How to Become a Multigenerational, Purpose-Driven Advisor

      Trust-Focused Strategies for Reducing Income You or Your Trustee Can Use Now

      Lessons from the Estate of Tom Clancy: Careful Drafting Matters

      The 4 Estate Planning Documents Everyone Needs

      Asset Protection Planning for the Modern Client

      What Legacy for Your Children

      How to Protect Inherited IRAs After the Clark v. Rameker Decision

      How Important is it to be Clear When Drafting Your Last Wishes? The Casey Kasem Example.

      The Most Important Parts of Estate Planning Can’t Get Legislated Away

      Three Top Reasons to Update Your Estate Plan in 2014

      The Importance of Revising an Estate Plan After Divorce

      Charitable Giving After ATRA

      Does the American Taxpayer Relief Act of 2012 Affect You?

      Why You Should Review (and Update) Your Estate Plan

      Estate Planning for Blended Families and Stepchildren

      Estate Planning–Securing the Future for Yourself and Loved Ones

      Estate Planning Law at Gunderson, Denton & Peterson, P.C.

      Estate Planning Moves to Make Before the End of 2012

      The Estate’s Responsibilities to Creditors and the Basics of Transferring the Estate

      Estate Planning: What are the risks of creating your own plan?

      • Get Linkedin Mesa Arizona Lawyer
      • Legal counselors Facebook
      • Mesa Arizona Lawyer Twitter Account
      • law feed, legal advice, blogs and more

      Additional Estate Planning Resources

      irs.gov - Estate Planning Info For Small Business And Self Employed Individuals

      irs.gov - Estate And Gift Taxes

      Estate Planning Resources And Tools From The Wealth Counsel

      Mesa Arizona Attorneys And Lawyers [email protected]
      1930 N Arboleda #201
      Mesa, AZ 85213
      Phone:480-655-7440

      Office Hours

      Monday-Friday 8am-5pm

      Skilled Professionals. Personal Service. Exceptional Results.
      Privacy Policy
      Design By Mesa Web Designer MFWD