Tax Hikes Loom
Oklahoma City estate planning attorneys are always reminding their clients to stay in touch because the
initial estate plan is like a snapshot, whereas estate planning as a whole is an ongoing motion picture of
sorts. As things change, the estate plan that you previously constructed may need to be updated –
something to keep in mind every step of the way.
With this emphasized, you would do well to understand the fact that significant tax hikes loom in the
At the end of 2010, the Bush era tax cuts were extended via the passage of a bill known as the Tax
Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This measure is going
to expire at the end of this year, assuming there is no new legislation enacted in the meantime.
The expiration of these tax cuts could be very significant to you, depending on your financial situation.
Long-term capital gains and dividend taxes are being increased while the estate tax exclusion is being
reduced to $1 million and the maximum estate tax rate is increasing to 55%. Currently, these
parameters stand at $5.12 million/35%, so while you may be exempt in 2012, you might be exposed to
the estate tax in 2013.
If there was ever a year during which you definitely need to sit down and discuss your financial
situation with an expert, this is the one. Should you be interested in doing just that, take action right
now to arrange for a consultation with a licensed, experienced Oklahoma City estate planning lawyer.
Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers estate
planning and business planning resources to residents of Oklahoma City OK. To learn more about these
free resources, please visit www.parmanlaw.com/ today.