Tax Hikes: The Clock Is Ticking Procrastination is common as we all live busy lives, and time can get past you in a hurry. If you have been planning on discussing your situation with a good Central New Jersey financial planning lawyer this year you may want to take action because we are already well into 2012. It is always a good idea to review your existing plan on an annual basis because things change. Events can take place in your life that are relevant, and things sometimes happen throughout the society as a whole that can impact your financial plan. Changes to the tax code would be one of these events, and there are in fact some tax hikes scheduled to take place at the end of this year. The long-term capital gains rate is going up to at least 20%, and the dividend tax rate is set to rise from 15% to match your overall income tax bracket. In addition to these changes, the estate tax exclusion is going down to $1 million and the maximum rate of the tax is scheduled to rise to 55%. These parameters will be in place for the gift tax as well. It should be noted that it is possible that the above stated parameters will be altered via some new legislation, but there are no guarantees. There is a lot to take into consideration this year and action may well be necessary. The best way to proceed is to discuss these pending changes with an experienced and savvy central New Jersey financial planning lawyer. Your attorney will take stock of your unique situation, apprise you of your options, and take the legal actions that are necessary to preserve your wealth. Experienced estate planning attorneys Warren NJ of the Augulis Law Firm offers estate planning and business planning resources to residents of Warren, NJ. To learn more about these free resources, please visit www.augulislawfirm.com/ today.
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