How The New Tax Relief Act Impacts You
Congress just passed, and President Obama signed the Tax Relief Act that allows an extension of Bush-era tax cuts. Here are the major implications of the new law:
An extension of current tax rates, plus an extension of reduced rates for capital gains and dividends.
Modification of estate, gift and generation-skipping transfer taxes (GST) including a 35% top rate and a $5,000,000 exemption.
The Alternative Minimum Tax patch increases exemption amounts and allows nonrefundable personal credits.
There are a few strategies that experts suggest to make the most of your money and ensure paying the least in taxes. Those strategies include taking advantage of gifting laws, setting up a trust, and reviewing your will to ensure it includes language which articulates your wishes, despite fluctuating estate-tax laws.
This is an excellent time to review your current estate plan. We recommend that you set up a review appointment today so we can ensure your plan is up-to-date and written in a way that protects you in light of the new law. Plus, if you act now and book your review appointment during January, you will pay our 2010 price.
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