Hedging Your Estate Tax Bets If you are following the Presidential election at all, then you know that President Obama and Governor Romney have very different ideas about tax rates. Nowhere is this more true than with the estate tax, as we have recently illustrated in a series of posts on our blog on the subject. Governor Romney believes that the estate tax should be discarded altogether, while President Obama would keep it. Some people, thinking themselves wise, have looked at the differences between the two candidates' proposals and come to the conclusion that the best thing to do is to wait and see who wins the election before getting an estate plan. On the surface, this makes some sense. When things are uncertain, it is sometimes better to wait until things are more certain to make decisions. However, that is not the case with this election and the estate tax. If President Obama wins re-election, as many experts currently predict, then he will seek to decrease the estate tax exemption from its current level. Granted, his proposal would still be an increase from the currently scheduled 2013 exemption level. However, Obama's proposed decrease is significant enough that everyone should make sure that they hedge their bets against it by getting an estate plan now. Experienced estate planning attorneys Portland OR of the Law Offices of Richard B. Schneider LLC offers estate planning and business planning resources to residents of Portland OR. To learn more about these free resources, please visit http://www.rbsllc.com today.
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