Now that the elections are over, Congress and the White House have the significant task of directing the country away from the impending “fiscal cliff.” Critical to these negotiations will be tax rates, exemption amounts and political ideologies.
During a conference call with clients, McManus & Associates Founding Principal John O. McManus identifies potential issues and ways to remain protected moving into 2013.
Here’s what the discussion covers:
- What risks do the “Fiscal Cliff” negotiations present for estate and gift tax exemptions?
- Can compromise be achieved?
- What if no compromise is achieved by Dec 31, 2012?
- How does the composition of the House and Senate effect these discussions?
- What are some of the speculations for the compromise regarding gift tax/estate tax?
- How likely is it that a compromise, achieved later in the year, will be made retroactive to January 1, 2013?
- How does the emotional power of the argument to abolish the ‘death tax’ play into the debates?
- What new taxes will be levied? For example: 3.8% Medicare tax on capital gains, dividends and the top tax brackets.
- Estate tax on the ballot. How did it fair this election?
- Have you fully funded the trusts that we have set up for you and are all titles correctly named?
Please contact our office at (908) 898-0100 if we can help with any questions.