» Estate Planning Attorney Suggests Estate Planning At All Income Levels

Estate Planning Attorney Suggests Estate Planning At All Income Levels

Palo Alto, CA (Law Firm Newswire) June 27, 2013 – Estate planning is widely seen as a smart move for higher income households, but individuals at all income levels may benefit.

The close of 2012 was unusually busy for estate planning attorneys as they worked with clients to implement new or updated estate plans in advance of the American Taxpayer Relief Act (ATRA), to be enacted January 2, 2013. The ATRA was expected to reduce gift and estate tax exemptions to $1 million, but it ended up not reducing exemption amounts after all.

“Regardless of the amount of your estate, your estate plan guides your wishes for your family," said Palo Alto estate planning attorney Michael Gilfix. “It is particularly important if you have a larger estate.”

Currently, the federal tax on estates is triggered at $10.5 million for a couple, and $5.25 million for an individual, but estate planning experts caution that even much smaller estates should have an estate plan. That is especially true for people who designated their assets via a will or trust years ago and have not gone back to review and revise their documents, people who have divorced or divorced and remarried, and parents with children born to them since their last estate iteration.

Estate planning, regardless of the size of the estate, includes: designating a guardian for any minor or dependent children; placing an inheritance into a trust for a child who has substance abuse or spending problems; updating the beneficiary of a retirement account or insurance policy; developing Advance Health Care Directives in the case of incapacitation; long-term care planning for nursing home stays or chronic illness; developing a Special Needs Trust for a dependent adult child; and drafting or updating a will and/or a revocable living trust to protect the privacy of one's assets.

The new estate tax amounts are currently being called "permanent," but that does not mean they cannot be changed again. President Obama recently released a budget proposal which would bring the “permanent” exemption level back to $3.5 million in 2018, while increasing any exceeding asset tax rates from 40 percent to 45 percent.

To learn more, visit Gilfix & La Poll Associates LLP at http://www.gilfix.com/.

Gilfix & La Poll Associates LLP
2300 Geng Rd., Suite 200
Palo Alto, CA 94303
Telephone: (650) 493-8070
http://www.gilfix.com/

Facebook: Like Us!



  • Mark Gilfix Discusses Estate Planning With the Star of the Investigation Discovery Show, “Reasonable Doubt”, Melissa Lewkowicz
    Mark Gilfix recently sat down in the offices of criminal defense attorney, and cable TV star, Melissa Lewkowicz, to discuss the 3 key estate planning documents that every American needs. Watch the Facebook video below. You can watch Melissa Lewkowicz in Reasonable Doubt on Investigation Discovery or see clips at https://www.investigationdiscovery.com/tv-shows/reasonable-doubt/.
  • Why a durable power of attorney is a valuable estate planning tool
    A Durable Power of Attorney (DPOA) allows an individual to give a designated person — known as an “attorney in fact” — authority to sign documents and act on their behalf. The legal document is particularly beneficial for individuals who are worried about mental or physical incapacity in the future. For example, an elderly person […]
  • California couple’s eviction highlights dangers of elderly financial abuse
    The elderly can be vulnerable to various forms of elder abuse, one of which is financial exploitation. Financial exploitation involves unauthorized use of an elderly person’s finances or property, either by a family member, caregiver or an unknown scammer. The media recently reported the case of an elderly California couple who faced eviction from their […]
  • ‘Finding Dory’ puts spotlight on children with special needs
    Pixar’s recent film “Finding Dory” will have resonance for parents who have children with special needs. The animated film is the sequel to the 2003 blockbuster “Finding Nemo.” It tells the tale of a blue tang fish named Dory who suffers from short-term memory loss. She cannot remember names, faces or even her way back […]
  • Thank You For Making our 13th Annual Special Needs Seminar our Best Yet
    Gilfix and La Poll wishes to thank the hundreds of attendees, and wonderful nonprofit co-sponsors, for making our 13th annual Special Needs Seminar our best yet! We were overwhelmed with the response, and with all of the kind comments we received from seminar attendees. We were also thrilled to see many attendees connecting with co-sponsor […]

See other news sources publishing this article. BETA | Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required