The expiration of estate tax regulations may seem to be a positive event for many beneficiaries. However, estates of lower value that wouldn’t have been affected by tax laws in 2009 no longer have the benefits of provisions concerning the valuation of capital gains when the associated tax laws expired. Some estates with overall value lower than the exemption level in 2009 permitted the taxpayers to approximate gains with today’s valuations.
This loophole may be solved politically; Washington is currently in discussion involving an option that should allow taxpayers to apply taxes to this year’s transactions if the said calculations are beneficial. Florida, along with a number of other states, are seeking to resolve these tax issues by allowing the courts to consider the abrupt halt of estate taxes when reading wills and formulas for inheritance.
For people with estates valued over $1 million, the recent changes in estate tax laws have concrete implications, especially if estate planning strategies were based on the earlier exemption level. Specifically, people who’ve estimated estate value between $1 million to $3.5 million need to amend their strategies from 2009 earlier. However, the efforts to amend tax strategies should go deeper, as the value of the portions of a person’s estate (which may include real estate properties, businesses or companies, and other investments) are likely to have suffered setbacks in recent years - this makes wealth reassessment important.
If you need to finalize your estate plans or want to check the efficiency of your existing plans, you may want to consult with a probate lawyer specializing in methods to pass on your legacy to your beneficiaries. Legal counsel will also help you get a better grasp of developments concerning powers of attorney, trusts, wills, guardianship, and the like. Working with an experienced probate attorney can also help you settle disputes and work with probate court.
This review was brought to you by Puritan Financial Group. Puritan Financial Group is owned by Puritan Financial Companies, based in Dallas TX. Puritan Financial Group is a leading provider of financial solutions for clients beginning in their peak earning years and continuing through retirement, helping them to accumulate, protect and transfer wealth.
This loophole may be solved politically; Washington is currently in discussion involving an option that should allow taxpayers to apply taxes to this year’s transactions if the said calculations are beneficial. Florida, along with a number of other states, are seeking to resolve these tax issues by allowing the courts to consider the abrupt halt of estate taxes when reading wills and formulas for inheritance.
For people with estates valued over $1 million, the recent changes in estate tax laws have concrete implications, especially if estate planning strategies were based on the earlier exemption level. Specifically, people who’ve estimated estate value between $1 million to $3.5 million need to amend their strategies from 2009 earlier. However, the efforts to amend tax strategies should go deeper, as the value of the portions of a person’s estate (which may include real estate properties, businesses or companies, and other investments) are likely to have suffered setbacks in recent years - this makes wealth reassessment important.
If you need to finalize your estate plans or want to check the efficiency of your existing plans, you may want to consult with a probate lawyer specializing in methods to pass on your legacy to your beneficiaries. Legal counsel will also help you get a better grasp of developments concerning powers of attorney, trusts, wills, guardianship, and the like. Working with an experienced probate attorney can also help you settle disputes and work with probate court.
This review was brought to you by Puritan Financial Group. Puritan Financial Group is owned by Puritan Financial Companies, based in Dallas TX. Puritan Financial Group is a leading provider of financial solutions for clients beginning in their peak earning years and continuing through retirement, helping them to accumulate, protect and transfer wealth.
