Time is running out. We all knew it would happen. Almost two years ago, Congress passed TRA 2010, which extended EGTRRA (the “Bush tax cuts”) for two years. Yes, that extension is almost up. TRA 2010 will sunset at the stroke of midnight on December 31, 2012. As the ball drops in Times Square, so will our clients’ applicable exclusions. Currently, the applicable exclusion for both gift and estate tax purposes is $5.12 million. However, at 12:01 a.m. on January 1, 2013, it will drop to $1 … [Read more...] about Get It While It Lasts!
In the opening scene of the original Toy Story movie, cowboy Woody (Tom Hanks) tells Andy’s toys that they each need a “moving buddy” for their relocation to a new home. “If you don’t have one, get one!” he admonishes. “We don’t want any toys left behind.” This is also my message to you about a client maintenance program. If you don’t have one, get one. Otherwise your firm may be left behind. Yes, I’m continuing to beat the drum about maintenance programs in this post. Why? Because now would … [Read more...] about What Toy Story Can Teach About Estate Planning