Saturday, January 3, 2015

Estate Planning For 2015: How To Protect Assets From Taxes

Margaret Price for Investor's Business Daily writes:  When the glittery ball fell in Times Square on New Year's Eve, it brought a roar from the revelers — and more quietly, good news for asset owners and their heirs who may not be uber-rich: In 2015, only estates worth more than $5.43 million per individual would owe federal estate taxes if the estate owner dies this year.
That's up from last year's $5.34 million estate tax exemption. (In addition, the federal lifetime gift tax exemption also rises to $5.43 million in 2015.)

Such estate-friendly news for those embarked on personal estate planning strategies for 2015 comes thanks to the American Taxpayer Relief Act, which became law in January 2013. Among its provisions, it made permanent the temporary $5 million federal estate tax exemption, created in 2010, that's been inflation-adjusted since 2012.

With this change — and some others — has come a newer focus for estate planning and asset protection, experts say. This is of prime concern for those planning for retirement or already retired. Attorney David Dietrich of Billings, Mont., points out that since only a tiny fraction of estates are now subject to federal estate taxes, there's "more focus on other threats to an estate, from capital gains and income taxes to state estate taxes and creditors' claims."
[snip]  The article continues @ IBD, click here to continue reading....


Post a Comment