Estate Planning:President Obama has said that he is willing to let the Bush tax cuts expire.

 

Gift and Estate Tax Planning Opportunities Set to Expire 12/31/2012

Time to plan your Estate is now and the clock is ticking. 

President Obama has said publicly that he is willing to let the Bush tax cuts expire. On January 1, 2013, when the exemption amount falls from $5 million to $1 million, Congress may change this. Then again, they may not.

Given the time it will take to set up trusts, holding companies, or another form of asset protection, estate planning has to be in the works now for anyone who wants to avoid paying 55% in estate taxes or passing that cost onto their heirs. 

Never has wealth preservation and planning been more critical for individuals and families. The expiration of the Bush Tax Cuts means that not only will millions of people owe up to 20% more in taxes, but, their options for asset protection will look substantially different when everything over $1 million dollars, or $2 million for a couple, is going to be subject to the highest rate of taxation. And no one is talking about this. 

The best and simplest ways to both legally reduce taxes and avoid double whammy of the scheduled increase and the decrease in exemption is to review all assets with a professional authorized to set up the necessary structures to protect your wealth. 

Mintco Financial has a team of specialists to help you reduce taxes and plan for your Estate. Call us now at 813-964-7100 or visit our site at www.MintcoFinancial.com  

Michael Minter,one of the specialists in Estate Planning, is also author of the book I-Plan, where he mentions Estate Planning.