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2012 Tax Act Update

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2012 Tax Act Update

  1. 1. “2012 TAX ACT” LEGISLATION CONGRESS AVERTED FISCAL CHAOS The estate, generation skipping transfer and gift tax exemptions in the 2010 Tax Relief Act have been codified as law for 2013. The top rate for estate and gift taxes was raised from 35% to 40%. Wills & Estate Planning  Probate & AdministrationTax Planning  Business Succession  Charitable Gifts
  2. 2. “2012 TAX ACT” LEGISLATION CURRENT EXCLUSIONS • 2013 Gift, GST and Estate Tax exclusions will be $5.25 million (indexed). • The estate and gift exclusions are portable (but not the GST exemption), so a surviving spouse may be able to double these exclusions. Wills & Estate Planning  Probate & AdministrationTax Planning  Business Succession  Charitable Gifts
  3. 3. “2012 TAX ACT” LEGISLATIONINCOME TAX RATES ARE INCREASING Income taxes on high-income earners will increase and the new Affordable Care Act Medicare taxes will be imposed. This may represent a significant concern especially for high-income earners and taxable trusts. Wills & Estate Planning  Probate & AdministrationTax Planning  Business Succession  Charitable Gifts
  4. 4. “2012 TAX ACT” LEGISLATION ESTATE PLANS SHOULD BE UPDATED Estate plans should be reevaluated and steps taken to protect assets and reduce income tax burdens, especially for those with high income and/or large estates. The focus of estate planning has shifted. Wills & Estate Planning  Probate & AdministrationTax Planning  Business Succession  Charitable Gifts

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