It seems that everything we hear on the news today is regarding the impending fiscal cliff and the great difficulty this may bring upon our country. As both political sides meet together to determine what should be done, we hope they are able to reach a compromise and make a decision for the greatest benefit of our nation.
As an estate planning attorney, I have heard my clients concern over how these changes may impact them, their loved ones and their assets. I work with clients that are good, hard working and patriotic Americans that already pay more in taxes than they would like and are concerned about facing an even greater burden. Many of us likely share the same concern. In most situations, the greatest burdens will be felt, no matter the outcome of the fiscal cliff, by the beneficiaries of those who fail to plan
Can you imagine working all of your life, paying income, capital gains, sales, and excise taxes every year of your life, only to lose over half of what you have left to estate taxes upon your death? If you don’t plan properly, your number one beneficiary could be Uncle Sam, rather than your children or other beneficiaries of your choice.
It is critical now, more than ever before, to have a well drafted estate plan. If you have one that was created some years ago, it needs to be reviewed. You need to understand what taxes you and your family may be exposed to. Along with the estate tax there are also additional income taxes, gift taxes, capital gains taxes, generation skipping taxes and potentially other taxes that you and your beneficiaries could face.
Please, take the time to protect your spouse and your loved ones by creating an MH Estate Plan. Spending some time and money now can save your estate and your beneficiaries far more in the future.
To schedule a free consultation and discover how an MH Estate Plan can protect your assets, call us today at 888.222.1328.
Contributed by MH Arrowhead and Cave Creek Estate Planning Attorney West Hunsaker.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.