There were some new estate planning laws that were recorded in the books just before the year 2010 ended, says a New York Estate Planning Lawyer. Some experts in the estate planning field say they are ridiculous and should be taken back off the books because they have a great potential to be abused. Then there are the people who think the new laws are fine and that with certain checks in place, they cannot be abused. So, what are these new estate planning laws?
The dollar amounts for certain tax rates were decreased substantially. The old limit was $1 million dollars or more and the person was taxed at a rate of 35%. The new limit is raised all the way up to $5 million dollars before the 35% tax rate has to be paid on the sum. A $4 million dollar increase means that people can leave their heirs a substantial amount of money and not have to worry over paying the taxes on it when they receive it, according to a New York Estate Planning Lawyer.
However, the new rules also state that this is temporary. Why? To give Americans a tax break during an economic crisis. The rules were made so that the government took less money in hopes that it would be circulated out in to the economy. Any boost in the economy is a good thing, even if it is one person shopping at a time. The temporary estate planning rule is good for 2011 and 2012, says a New York Estate Planning Lawyer. There is a chance that the rules could be extended out further if the economy still does not improve.
A New York Estate Planning Attorney can advise you or a family member on any situation that may affect your future. New York Estate Planning Attorneys can also help in matters of estates that face the court. Call and get a consultation with an estate attorney if you have questions regarding leaving your possessions.
If you or a loved one is having trouble with the tangle of tax laws, a New York City Estate Attorney is ready to assist you. You want to evade all the legal troubles that come with money, or at least make them less problematic. Your best possible ally in that endeavor is a New York Estate Attorney.