The election is over. Like many, we wake up the following morning, after months of being inundated with political ads, calls at home and a full mailbox, to wonder what is next?
On a national level, the presidency, the Senate and the House of Representatives appear to all be staying in the same political party hands as before the election. At the state level, each state is different, but with last night’s results, we can all begin to plan for the next two to four years and predict what the legislatures will be doing with our laws.
The past few months I’ve seen an uptick in consultations for people who want to revise their wills or create a new estate plan in anticipation of the outcome of the election. One of their biggest concerns is the $5 million gift tax exemption, which is scheduled to sunset at the end of 2012. With the estate tax rate likely rising from 35% to 55% and the lifetime gift tax exemption decreasing from $5 million to $1 million, now is the best time to review your personal estate plan and see if you should take advantage of these changes now.
For more information on estate planning or to schedule a consultation, please call my office (718.568.0221) or visit my website (AndrewMAyers.com) for more information.