On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012 (the 2012 Tax Act) to deal with the so-called “fiscal cliff.” The 2012 Tax Act included revisions to estate, gift and generation-skipping transfer (“GST”) tax laws and income tax laws that will affect estate planning for the foreseeable future. In this edition of The Wealth Counselor, we will take a first look at those changes and what they will mean to you, your clients and your practice.
Archive for March, 2013
Their kids are grown and many empty nesters are rattling around in five-bed, four-bath suburban homes. It’s not like they see the kids for overnight stays on a regular basis, and so many are wondering what to do with that extra space.
They could rent out a room, but that proposition seems … iffy at best. Really, who wants a stranger rummaging around in the refrigerator for a midnight snack?
The solution for many boomer clients who are 10 years or less away from retirement might be simple: downsize, especially if they have considerable equity in their home.
It’s also an excellent time for your clients to take a sober look at what they can do to protect their money going forward into 2013.
Forty-six percent of consumers are considering making financial resolutions for 2013, up 31 percent from 2009, according to a recent article in Business News Daily, (http://tinyurl.com/cqz667o). And survey respondents acknowledge that keeping their financial commitments is harder than other resolutions
Just as you prepare clients for changes in financial markets and tax codes, so should you help them protect their assets — and especially themselves — in a natural disaster.