“The Now Moment Has Arrived.”
Late-night infomercial pitchmen? Nope. Wealth planners breathlessly warning prospective clients that they have only until Dec. 31 to seize a “historic” opportunity to transfer millions to kids and grandkids, tax free.
While most political prognosticators are struggling to predict the outcome of the elections in November, you need to be thinking (and planning) for January, 2013.
The Nevada 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.
As it stands, everyone has something to gain by acting on current law, whether by gift or by trust. But your options may become extremely limited once the ball drops in Times Square.
For more information about wealth transfer, and other estate planning tactics, please visit my website!
Reference: Forbes (August 2, 2012) “Should You Give Your Wealth To Your Grandkids Before December 31?”