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    Nov 5 12

    Time Is Running Out on Tax Planning Options for Newport Beach Families

    Newport Beach Law Firm

    Much
    of what is being written on the prospect of the expiration of the Bush-Era tax
    cuts focuses on its income tax implications. Yet, I believe that there is a
    greater likelihood that the estate and gift taxation aspects of this looming
    expiration are both less likely to be continued in prospective new legislation,
    and have a far more significant dollar impact for many. Accordingly, consistent
    with my past postings, there are more definitive gifting actions that should be
    considered prior to year-end – that is, NOW!

    Alarm ClockTrick-or-treaters have come and
    gone, the turkey is on its way, and before you know it the holidays and the
    year itself will be over. What then? For many Americans the new year may find
    us in the grip of a potentially disastrous tax predicament, either the fiscal
    cliff itself or something else entirely.

    When it comes to estate and gift
    taxes there are some actions you may want to take while it is still 2012. This
    matter was taken up in a recent Forbes article
    appropriately titled “Year-End Estate Tax Considerations — TIME
    IS RUNNING OUT
    .

    Yes, time is running out
    on your ability to take advantage of more than a few powerful tax tips and
    tricks. In fact, this countdown clock has been ticking toward this very
    precipice since the final days of 2010. If you haven’t been carefully planning
    all along, then now’s the time to jump to it! What can be done is another
    question and, while it depends on your unique goals, the original article
    offers a few examples of your options before the buzzer sounds.

    Another Forbes article titled “Major Estate Tax Change Looming – Don't Be A
    Last Minute Louie
    ” points out rather directly how 2012 has been a year
    of waiting – of waiting for Congressional action, of waiting for an election to
    come and go, and of waiting for a settled law to base your planning around.

    Instead of waiting, however, the
    best advice would seem to be to take action as best we can.

    Remember: this is an excellent
    time to schedule a consultation with your legal, financial and tax advisors.
    Don’t go it alone, as too much is at stake.

    Contact your Newport Beach
    estate planning attorneys at Meier Law Firm to discuss all of your estate
    planning needs
    .

    References: Forbes
    (October 23, 2012) “Year-End Estate Tax Considerations — TIME
    IS RUNNING OUT

    Forbes (October 26, 2012) “Major Estate Tax Change Looming – Don't Be A
    Last Minute Louie




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