Preparing For Expiration of Bush Tax Cuts
Unless congress acts by the new year, a prospect which is becoming increasingly unlikely, the United States will undergo the largest tax increase in history. One of the changes will be to the estate tax exemption which will go from its current level of $5M to $1M if no changes are made. Because of this, wealthy clients are flocking to their estate planning attorneys in hopes of taking advantage of the current estate tax exemption of $5M.
See Molly Newman, "Investors Flock To Financial Planners Ahead of Fiscal Cliff," BizTimes.com (October 1, 2012)
Posted by Ian Horowitz, Associate Editor, Wealth Strategies Journal
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