With election time right around the corner, it’s easy to lose focus on your goals for 2012 as you vet out your favorite candidate. The end of 2012 is nearing faster than you may think, and you don’t want to forget about your wealth planning opportunities before they change in 2013. The estate laws of 2012 are generous and ripe for implementation. However, what will take effect on January 1, 2013 is anybody’s guess. One thing is clear: anything can happen in a divided and contentious lame-duck Congress. There’s simply nothing worse for wealth transfer planning than an unforeseeable future, but that’s exactly what we face. The auspices of 2012 and the unknowns of 2013 have been featured once more in Forbes. In a recent article titled “Should You Give Your Wealth To Your Grandkids Before December 31?,” this quandary is explored. Unfortunately, the question posed in the title of the article is not given easy answers. In the end, the how, when, whom and even how much issues must be addressed on a case by case basis. You know your own needs and assets. Fortunately, competent counsel can help you make navigate these issues. There is a lot to gain with the current 2012 wealth transfer laws, so act now when it comes to your gifting or trust plans. Your options may become extremely limited once the ball drops in Times Square.
Reference: Forbes (August 17, 2012) “How Having Your Name On Your Business Limits Your Options”