We Have a New Tax Law and Called the Above Name!
As I write this, it's January 20, 2011. We got our new tax law back in December of 2010. I am writing this because this week alone, I have met with over 10 people who were not aware that this new tax law existed.
Strange? Perhaps. But tax lawyers like myself do not always remember that people who do not focus on estate taxes do not pay attention to changes in the estate tax laws. Remarkable, but true.
I have written before about some of the details of this new tax law. The estate tax parts of this new law are retroactive to January 1, 2010! I will not repeat those descriptions in this article.
People Are Unaware of the New Tax Law!
Since the first of the year, I have met with several people who expressed surprise that a new tax bill had been passed and signed by the President. This has amazed me because of how much my firm has tried to educate our clients and the public about what is going on with estate tax laws.
However, the truth is that most people do not pay attention to these tax law changes. So, what should you do about all this?
First, schedule a meeting to meet with your estate planning attorney and learn how and if these changes apply to you.
Second, if you don't have a Will or estate plan yet, make 2011 your year to get one. You can review all of my earlier articles about why this is the best thing you could do for yourself and your family in 2011.
Third, if you don't want to stay current on what is happening in the tax world, follow our blog here. Come visit here often and check in from time to time. Who knows, it just might be fun and even (gasp) educational.
Let me know if you found this article helpful and if you have any questions. Thank you.
There are indeed so many people who are not aware of the New Tax Laws that are being implemented. Thus, some of them fail to prepare regarding these changes.ReplyDelete
IRS Tax Attorney