Posted by Mike (WA) on December 12, 2012 at 10:28:30 from (69.10.199.107):
In Reply to: Re: Death and Taxes. posted by ss55 on December 12, 2012 at 10:10:45:
The article was factual, and maybe the purpose was some "fear mongering", to get folks to start doing some rational estate planning. We've gotten lax over the past 10 years or so, because the exemption was high enough so that most didn't have to worry about it. But with exemption dropping back to one million after the first of the year (and I think it will, regardless of whether the fiscal cliff is avoided- its just too tempting to the politicians in their never-ending quest for $$$), those who will be affected really need to plan- NOW!
And somebody else hit upon a problem in the estate planning area- every time someone comes up with an innovative strategy, Congress closes the "loophole", and its back to the ole drawing board. That's why malpractice insurance is much higher for a lawyer with an estate planning practice- Lets see: Lots of money at risk, constantly changing laws, and if you screw up, your former client probably has a deep pocket to sue you. What could possibly go wrong? LOL
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