With the return of the death tax looming large, many Americans are wondering what they can do. Largely seen as a way to exploit “We hate the rich” sentiments, the estate tax isn’t thought to make much logical sense, said an New York Estate Planning Lawyer. The money was already subject to income tax and gift taxes, so the added tax is just one last opportunity by the government to reach into a man’s pocket and take as much as he can. And, since the tax only targets “the rich” most people feel secure. They shouldn’t, notes an New York Estate Planning Lawyer. One million dollars is a lot of money to have in the bank, but not that much to have as an estate, reports an New York Estate Planning Lawyer. Take the entire value of a home, two cars, and a solid retirement fund and a million dollars arrives quicker than a hiccup. And the number isn’t indexed for inflation, so in a few years as wages naturally rise (as they always do) a million dollars becomes worth less and less, notes an New York Estate Planning Lawyer. There was a time when if a man made $20,000.00 a year, he was considered incredibly wealthy. However, today that same man would be near the poverty line. And that’s a key issue for many who opposed the death tax, said an New York Estate Planning Lawyer. It just stays the same, so in 10 years when a million dollars isn’t worth a million dollars anymore the government won’t care: it’ll take it all the same.
Planning for tomorrow needs to be done today. Contact an New York Estate Planning Attorney and take care of your future so your family doesn’t have to worry.
If you or a loved one is having trouble with the tangle of tax laws, a New York Estate Attorney is ready to assist you. You want to avoid 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.