Estate Planning: New Year Brings New Rules & Opportunities for Estate Planning

The much debated “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010” that was passed in the final days of December included new regulations for 2011 estate planning. The new laws, for example, apply estate tax for estates worth more than $5 million per individual, up from the $1 million that would have resulted had the legislature not acted. The new laws also set the maximum estate tax rate at 35%, lowered from a possible 55%. With this new legislation comes opportunities for individuals, especially those with estates worth $5 million or more, to lower the value of their estate this year through gifting. Other tax options exist this year for those settling an estate from a decedent who died in 2010.

Because the current estate tax legislation expires on December 31, 2012, now is the time to plan. Find out more about New Tampa Legal Counsel’s estate planning services today.