With the election past us, we can finally take a look at what’s coming for estate taxes…

The Planned Giving Blog

Slowly, people and the media are picking up on the impending estate tax situation (see these posts https://theplannedgivingblog.wordpress.com/tag/2013-taxes/ for the details).

The latest IRS estimates on numbers of taxable estates is as follows:

  • 2012 – 3,300 estimated estates paying any estate tax
  • 2013 – 52,500 estimated estates paying any estate tax

That is a jump by 15.8 times or 1,580%.  Seems like a lot to me.

Interestingly, individuals don’t seem to be taking advantage of 2012’s very favorable estate and gift tax laws.  See this article:  http://www.businessweek.com/news/2012-07-13/rich-passing-up-10-million-opportunity-to-gift-tax-free.

Very interesting phenomena.  Right now, there is very clear indication that individuals potentially facing estate taxes should do some sophisticated estate planning today – gift up to $10 million to children or even grandchildren.  Take advantage while the law lasts!  But, no, people are just not acting on it.

Maybe everyone assumes the law will get fixed – which is very likely.  But, not…

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