New Tax Law Impacts Estate Planning

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.