Don't Wait Until After the Election
On our blog, we have recently been posting about the Presidential candidates proposals for changing
the estate tax and investment taxes. The two candidates' proposals couldn't be more different,
especially on the estate tax, which Romney would seek to eliminate. Because of the uncertainty about
who will win the election, some people might be tempted to put off getting an estate plan until after the
election. That would be a mistake.
While it is true that if Obama is re-elected he will seek a higher estate tax exemption than is scheduled
to go into effect at the beginning of 2013, his proposal is still less than the current exemption this year.
That still means that it is a good idea to start a gifting program now or you could leave more money
subject to the estate tax than you would otherwise have to.
If you are hedging your bets that Romney will win the election and eliminate the estate tax, then you are
missing out on all of the other reasons to get an estate plan, such as protecting your assets.
Whoever is elected is unlikely to have his proposal go through immediately or at all. They both may
need to compromise. The smart move is to get started estate planning today.
Experienced estate planning attorneys Cherry Hill NJ of The Bonfrisco Law Firm LLC offers estate
planning and business planning resources to residents of Cherry Hill NJ. To learn more about these free
resources, please visit www.njtrustlawyer.com/ today.