According to one NY Probate Lawyer, this is the year to give. Thanks to sweeping changes in the laws governing the estate tax by President Obama late in 2010, making a lifetime gift is now easier than ever.
Lifetime gifts have long been the preferred method for transferring wealth from one family member to another. Lifetime gifts are not subjected to the heavy tax burden which posthumous gifts typically carry. The catch, in the past, was that lifetime gifts were capped at a relatively low level before the Gift Tax kicked in, meaning that the amount that could be transferred to a spouse or other loved one was actually quite small. The new law raises that cap to an all-time high.
If you are an Asset Planner or New York Estate Planning Lawyer, this new loophole could mean big business in the next two years. The new law is set to expire in 2012, and no additional plans have been made in Congress, meaning that the amount of time taxpayers have to take advantage of the new law could be short. Planners in New York City and Long Island are aware of these changes.
Some on Capitol Hill have indicated that this new wave of laws could be heralding the end of the estate tax itself. Others have indicated that it is only a temporary tax-relief outlet to stimulate the economy. In either case, estate planning lawyers are seeing an increase in the number of lifetime gifts, as well as in the number of “I love you” will, where couples with significant means leave assets directly to each other, without sheltering the money in a residuary trust, charitable fund, bypass trust, or other tax shelter annuity.
If you are considering taking advantage of the new law, a New York Estate Planning Attorney can walk you through the process you’ll need to take. Don’t wait until the law expires; call a New York Estate Planning Attorney today. The law offices of Stephen Bilkis & Associates has caring New York Probate Lawyers that can help you plan your estate. Our New York Probate Lawyers can help you probate an estate, write a will or set up a trust. We have convenient offices in New York City, Brooklyn, Queens, Bronx, Suffolk and Nassau County. We want to help you through what may be a difficult time with as little problems as possible and offer a free consultation at 1-800-NYNY-LAW (1-800-696-9529). Call us today to take advantage of this free consultation and speak to a New York Probate Lawyer from our firm.