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Probate, Estate Tax and Elder Care Attorneys Serving
Long Island and New York City
Alert to our Clients and Friends on the Estate and Gift Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010
On December 17, 2010, President Obama signed the above Act into law. The Act extends for two years the Bush Administration’s income tax rates and various relief provisions, many of which were enacted in the last few years as or part of the economic stimulus legislation, and temporarily reduces the payroll tax for one year. In addition, the Act makes changes to the estate and gift tax law for 2011 and 2012 thus providing significant opportunities for taxpayers to transfer assets tax free to succeeding generations.
Estate and Gift Tax Provisions - Continued
A Window of Estate and Gift Planning Opportunities for 2011 and 2012, by Stephanie M. Keating, Esq.,
As a result of the recent Jobs Creation legislation in December of 2010, individuals now have lifetime gift tax exemptions of $5,000,000 through 2012. In addition, the Generation Skipping Tax (GST) and estate tax exemptions have increased to $5,000,000 through December 31, 2012. Without any additional legislation, the gift and estate tax exemptions are scheduled to return to levels of $1,000,000 on January 1, 2013, though the GST will be indexed for inflation at $1,400,000.
Window of Estate and Gift Planning - Continued
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SCHWARTZ & FANG, P.C.
Probate, Estate Planning, and Elder Law Attorneys
A renowned estate, probate, tax and elder law planning law firm which represents many prominent families and their closely-held businesses in the metropolitan New York City and Long Island area.
Our commitment to excellence and our focus on the individual needs and concerns of our clients is what sets us apart from the other estate planning, elder planning and probate law firms.
We are known as "problem solvers" and "trusted advisors" for our clients, taking a proactive approach to their needs. We stress the benefits of a full analysis of the legal problems facing a client, and to employ creative and flexible approaches to resolve those problems, all within the economic realities of the issue in question.
In addition to possessing extensive legal experience, our attorneys are licensed Certified Public Accountants who have spent years mastering the tax implications of decisions made during the estate planning and probate process. We are able to detect ways to minimize your estate and income tax exposure while accomplishing your goal to transfer wealth to your loved ones.
As Elder Law attorneys, we can advise on issues affecting aging Americans, including Health Care decision making, guardianship, Medicare and Medicaid.
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