In the midst of the most critical period for potential changes in taxation in many years, WhaleRock asked Atty. Mark Iacono to write a piece on taxes and planning for High Net Worth individuals and families. Mark has been known to our firm for many years, and we were confident he would have strategies in mind that our clients and visitors to our blog would find helpful. His essay provides action ideas for implementation before year-end.
Congressional gridlock combined with a contentious presidential election has virtually guaranteed higher tax rates for the majority of Americans in 2013. Several pieces of income and estate tax legislation are set to expire on December 31st, but any legislative proposal to address the issue remains tied up in committee. In addition to the increased tax burden, the Obama Administration has sought to eliminate or significantly reduce the effectiveness of certain estate planning techniques utilized by practitioners for years. As a result, estate planning attorneys have been scrambling to help clients plan accordingly. Although we are in the last quarter of the year, there is still time to take action.