Firm Overview At The Kaiser Law Firm, P.C. in St. Louis, Missouri, we believe that our clients deserve attorneys who spend time getting to know the clients and their objectives. Our attorneys have a deep understanding of the law in our practice areas and it shows in the results we obtain for our clients. Those practice areas include:
more... Our Address The Kaiser Law Firm,P.C.
12231 Manchester Rd.
First Floor
St. Louis, Missouri 63131
phone : 314.966.7766
fax : 314.966.7744 |
“GOING, GOING, GONE!!”
You may only identify the above slogan with an announcer’s call of a Cardinal home run but this year you might also identify that slogan with what may happen with the current estate and gift tax exemption amounts of $5 million per person. They are going, going and quite possibly will be gone at the end of this year. So what does this mean for you? Maybe nothing or maybe everything. Please continue to read on if you are not 100% sure that you fit into the “it means nothing to me” category.
The present estate and gift tax law that was effective 1/1/2011 will expire December 31st of this year. Unless Congress and the President act before 12/31/2012 and pass a new estate and gift tax law, the estate and gift tax exemption will revert to the 2011 exemption amount which is a mere $1 million. By the way, the IRS counts your life insurance proceeds towards the $1 million! While no one can predict what Congress will do this year with respect to passing a new estate and gift tax law, there are two compelling factors working against a new estate and gift tax law as follows:
- Congress has not been able to agree on hardly anything when it comes to taxes. Witness the debacle with the recently passed two-month employment tax reduction. What a joke that is!
- 2012 is an election year and Congress is not likely or not willing to take up the issue until after the election. Depending on the election results, a new estate tax law could be the last thing on a lame duck Congress’ mind.
If no new estate and gift tax law is passed and we revert back to the 2011 exemption or if a new estate and gift tax law is passed that is not nearly as generous as the 2012 law, many of you will have wished you heeded our advice and did planning NOW in 2012.
Hope for the best but plan for the worst and you will be glad you did. Do nothing this year and your assets could be going, going, gone!
Those that take advantage of the current tax environment can achieve tremendous results.
12231 Manchester Road – 1st Floor
St. Louis, MO 63131
314-966-7766 phone – 314-966-7744 fax
phil@kaiserlawfirm.com
andy@kaiserlawfirm.com | 
