Stoel Rives trust and estate attorney Wendy Goffe recently discussed estate planning issues with the Puget Sound Business Journal. Goffe described how estate planning in 2012 was largely dominated by tax planning concerns, with the federal estate tax set to revert to the 2001 exemption of $1 million in 2013 absent Congressional action. With the passage of the American Taxpayer Relief Act of 2012, on January 2, 2013, the exemption limit was restored to $5.25 million for individuals and $10.5 million for couples.
With the federal tax exemption issue resolved, Goffe says she advises clients to revisit the basics of their estate planning needs and wishes. "While it was tax driven (in 2012), there had to have been other motivations behind it — like creating a legacy for your children, creating an estate for your children and letting it grow in their hands, helping them out when it's needed," Goffe said. Now is also the time to look at other things, such as digital property ownership, elder law needs, special needs trusts, and asset protection such as setting up how you own your assets if you're sued or file for bankruptcy, she added.
Read the Business Journal article (subscription required until April 15, 2013)
"Estate Planning: Feds make estate tax law permanent" was published by the Puget Sound Business Journal, March 15, 2013.