Estate Tax Implications of Fiscal Cliff Deal
Also noteworthy, but not unexpected: The fiscal cliff bill raises taxes on capital gains and dividend income exceeding $400K for individuals and $450K for families from 15% to 20%. And for the 2013 tax year, the Internal Revenue Service has raised the annual gift tax exclusion for the first time since 2009 to $14,000 per individual or $28,000 per married couple.
The LMWF Trusts & Estates practice group is available to assist you in crafting a flexible estate plan that meets your individual goals during these changing times. Please contact Roy Cunningham , Mary Engler Roche, or Christina Arthurs for more information.