With the election past us, we can finally take a look at what’s coming for estate taxes…
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…
View original post 166 more words