In spite of the stone-throwing and partisan pandering of last December’s revamp of US tax law, a New York Estate Planning Lawyer claims that there are a few hidden gems for families willing to dig through the rubble.
In particular, the New York Probate Lawyer singled out the new gift tax laws as a boon for those in high tax brackets.
The gift-tax exemption, the much maligned cap on individual giving, which has long been set at what some would consider a paltry one million dollars, has been raised dramatically for the next two years to the princely sum of five million dollars for individuals- or a whopping ten million dollars for individuals. Accountants in Nassau and Suffolk Counties are studying the new law and trying to find ways to help their clients.
The result of the new law is that wealthier families can now gift up to five (or ten) million dollars, before even a cent of federal taxation kicks in. Once over the federally allowed limit, givers still only face a 35 percent government tax, far lower than the previous 55 percent rate, reported the New York Estate Planning Lawyer.
In the wake of the change, families are rearranging their estate plans to take advantage of the two year opening. There is a great deal of uncertainty as to whether the tax reduction will be renewed beyond the initial two year period. Two years is generally regarded as a relatively short term for an estate tax law. The previous law was instated for a decade, before being ushered out in 2010. Some Estate Planners are heralding the move by Congress as the beginning of the end of the estate tax.
If you or someone you know is affected by the new estate tax law, a New York Estate Planning Attorney could be your best ally in putting your money to the best use during the next two years. Don’t wait; contact a New York Estate Planning Attorney as soon as possible.If you or someone you know is affected by the new estate tax law, a New York Estate Planning Attorney could be your best ally in putting your money to the best use during the next two years. Don’t wait; contact a New York Estate Planning Attorney as soon as possible.