Will Rogers on Death and Taxes

With all estate planning stories focused on the looming  fiscal cliff, and President Obama wanting to gouge the wealthy for the sake of gouging the wealthy, this Will Rogers quote seems appropriate:

"The only difference between death and taxes is that death doesn't get worse every time Congress meets."

Six Weeks and Counting Down

For those who did not jump off a cliff after Tuesday's election results, they have an opportunity over the next six weeks to take advantage of the current estate and gift tax laws before the U.S. is pushed over the fiscal cliff. I am afraid that I agree with the following: " "The estate tax environment is going to change dramatically. You have six weeks to get this done. The estate taxes will not be this favorable for the rest of our natural lives. So for clients in that bracket, this is a pretty critical six weeks."

For wealthy individuals, gifting assets to children or a trust for children is a great strategy. Also, for individuals with older parents, whether wealthy or not, this is the time to gift.