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Estate Planning can be a harrowing experience. Involving lawyers, deciding how to distribute your assets and finally after putting your decision in writing, implementing it. But one aspect of this relatively easy process is better this year than it will be in 2013.
Steve Thompson of Aspey, Watkins & Diesel, P.L.L.C., deals with many estate-planning cases and he helps us to understand why this year is particularly beneficial from a taxation standpoint. Through the end of 2012, the federal government is allowing higher tax exemptions for estates and cash or property gifts. What this means is that people that want to gift their assets this year or owners of property that have passed away will be able to transfer more this year than they will be able to at the turn of the year.
Where the typical exemption amount is $1M, through the end of 2012 the amount of exemptions is a very significant $5.12M, proving the remaining time left this year to be a very useful opportunity for those choosing to avail this tax benefit.
Though the process is not too lengthy nor complex, it does involve a few steps – that is why if one is planning to engage in any gift, cash or property transfer this year they should begin the process soon. Not to mention that though unlikely, there is always the chance that Congress could make additional changes to the tax exemption allowance prior to year’s end.
To learn more about this, contact Steve or Valerie for a closer look.
Steven can be reached either via email at sthompson@awdlaw.com or by telephone at 928.774.1478. For all your real estate related inquiries, please call or email Valerie at 928.214.7100 or Valerie@flagstaffhouses.com.
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