Time is running out. If you have any clients hesitating to complete their estate planning, it is essential you encourage them to make these important decisions this year. If they wait until next year, they will miss out on an unprecedented opportunity. Why? Read on.
As an advisor, surely you’re aware estate taxes were changed to allow Americans to pass down large sums of money to their loved ones, tax free. In fact, a single client can give a full $5 million to loved ones while living or at their passing. A couple can leave $5 million per person, resulting in $10 million to be distributed to their family following their deaths. The catch is that this tax-free giving opportunity only lasts for one more year. When the 2012 calendar ends, so does this current law.
The bottom line
If your clients have not done estate planning yet, it is your duty as their advisor to guide them through this possibly once-in-a-lifetime opportunity. If they do not do the planning this year, they may lose thousands, if not millions of dollars they could pass down to the next generation.