While the American Taxpayer Relief Act of 2012 (ATRA) primarily addressed income taxes, the new rules have also put an entirely different spin on estate planning. Because of 2013 tax-exempt levels for estates, a couple’s combined estate must be worth more than $10.5 million to face a federal tax, a threshold that will rise every year. Wealth planners say with the exemption so high, the better option may be to re-focus tax planning to address income taxes and other shelters to help families protect their assets. And of course, always have your will in order, experts say.
Read more here.