On January 1, the U.S. Senate passed legislation to avoid the 'fiscal cliff,' and nearly 20 hours later the House of Representatives followed suit. The deal's affect on tax laws are broad, and greatly effect estate taxation. Estate planning experts say this makes it critical that Americans affected by the tax laws revisit their estate plans.
New York-based McManus & Associates, a top-rated law firm specializing in estates and trusts, has released the recording of a conference call with clients that highlights important issues to consider based on the new estate planning environment. That conference call is available on their website at http://mcmanuslegal.com. The firm also has offices in New Jersey and serves clients throughout the tri-state area.
"Many Americans will experience significant income tax increases as a result of the 'fiscal cliff' deal, but there is good news with respect to the estate tax," commented John O. McManus, a top AV-rated attorney and founding principal of McManus & Associates. "The newly established permanent estate tax gives wealth planners certainty that has been lacking for more than a decade – but what if Connecticut's law encourages other states to also create a gift tax even lower than the federal exemption amount? The fact that they could do it retroactively is a real concern."