Mesa, AZ 85213
Phoenix, AZ 85004
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.
Written By Brent Gunderson
1930 N Arboleda #201
Mesa, Arizona 85213
40 N Central Ave #1400
Phoenix, AZ 85004
GDP Estate Planning Blog
Arizona Business Law
Arizona Business Lawyers
Link about our Arizona Business Lawyers.
Arizona Collections Law
Arizona Collections Lawyer
This link talks about our collection lawyers in Arizona.
Arizona Employment Law
Arizona Employment Lawyer
This link is about our employment lawyers in Arizona.
Arizona Estate Planning
Arizona Estate Planning Lawyer
This link is about our estate planning lawyers in Mesa Arizona.
- Mesa Estate Planning Attorney
This link talks about our estate planning lawyers in Mesa Arizona.
Arizona Franchise Law
Arizona Franchise Attorney
This link is about our Arizona Franchise Attorneys.
Arizona Immigration Law
Arizona Immigration Attorney
This link is about our immigration attorneys in Mesa Arizona.
- Arizona Visa Lawyer
This link is regarding our Arizona Visa Lawyers.
- EB-5 Immigration Visa
This page talks about EB-5 immigration visas.
- Investor Visa
This page talks about investor visas by our immigration lawyers in Mesa.
- Mesa Arizona Immigration Lawyer
This link is regarding our immigration attorneys in Mesa.
Arizona Litigation Matters
- Arizona litigation lawyers
This link is about our litigation lawyers in Mesa Arizona.
- Mesa Litigation Attorney
This link talks about out litigation lawyer in Mesa Arizona.
Arizona Probate Law
Arizona Probate Lawyers
This link is about our Arizona probate lawyers.
Arizona Real Estate Law
Arizona Real Estate Lawyers
This link is about our real estate lawyers in Mesa Arizona.
- Phoenix Real Estate Lawyer
This link is about our knowledgeable real estate attorneys in Phoenix, Arizona.
Mesa, AZ 85213