Faced with a $5 million exemption and other priorities in life, individuals of all but the most tremendous wealth are putting off complicated tax planning in particular, and estate planning in general, according to a survey of 1,085 estate planning professionals.
But we live in uncertain times. The estate tax exemption is set to go down to $1 million for each individual beginning in 2013, provided Congress does nothing. Why not wait until then? The very fact of this uncertainty, argue planners (this one included) means the time is nigh to make a contingency plan. After all, life happens, and given the large number of wealthy in their later years, many individuals run the risk of an event that will cause their incapacity before they can react to an adverse move by Congress.
Tanner Pittman, LLC is a West Georgia and Atlanta-area law firm specializing in estate planning and complex planning to avoid estate and gift taxation for affluent individuals and families.