ESTATE PLANNING- HOT TOPICS IN ESTATE PLANNING-2013
The Law Firm of Pozzuolo Rodden, P.C., Philadelphia Estate Planning Attorneys, announce the release of the article “Hot Topics in Estate Planning-2013″.
On January 1, 2013, the Bush era tax cuts expired. The Bush era tax cuts were various tax code changes that had been enacted during the George Bush’s presidency. Originally scheduled to expire at the end of 2010, the tax cuts were extended for two more years until the end of 2012. The expiration of the tax cuts, among other things, was supposed to cause the US to go over the “fiscal cliff”. However, on January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012, which reinstated many of the tax cuts, effective retroactively to January 1st.
The enactment of the American Taxpayer Relief Act of 2012 affected various tax provisions related to income taxes, transfer taxes, IRAs, and pensions. When reviewing the Act’s effect on gift and estate taxes, one sees that there was not dramatic change from the immediately prior year. However, there is good news in that the passage of the Act prevented severe tax rates from being implemented…
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