Real Life Situations

Posted on December 20, 2010 by The Weekly Commentary

Question: My Net Worth is in excess of $1,400,000 and my wife and I own most of our property in joint name. I was in the midst of doing estate planning when the new estate tax law was passed last week. Does this mean I do not have anything to worry about?

Answer: Yes and No. The new tax law signed on Friday by President Obama, permits each individual to pass $5 million to his or her heirs at death ESTATE TAX FREE. But, the exemption goes back to $1 million in 2013. It is anyone’s guess as to whether the law will be changed (again) by 2013.

There are several opportunities in the new estate tax law provisions to plan for 2013 no matter what Congress decides. It is important that we review these provisions with you.

Feel free to contact me if you or someone you know has this type of situation. Financial Planning advice presented here is general in nature, and individual circumstances make applying these general rules tricky; thus, the above answer cannot be applied to all circumstances because the slightest variation could cause a different outcome.

Valley National Financial Advisors, and its family of companies, has been in the Lehigh Valley since 1985. The company is independent and locally owned. As a respected and trusted organization, our relationships with many clients and their families transcend generations. We have the expertise to provide clients with financial strategies to effectively manage their existing assets and to provide for the eventual transfer of their wealth.

Our one-stop service model includes: Financial Planning – Investment Management – Estate Planning – Retirement Planning – Education Planning – Tax Planning & Preparation – Insurance Planning – Trust Services, offered as a Trust Representative Office of National Advisors Trust Company, FSB – ExecutiveEdgeTM, Personal Financial Planning for Corporate Leaders. Our services are provided by a team of objective professionals and managed by one contact person – your personal financial advisor.

Valley National Financial Advisors is proud home of the Lehigh Valley’s most CFP® – Certified Financial Planner Professionals^TM. Among other honors, Valley National has been voted Best Financial Planner in the Lehigh Valley seven times by the readers of Lehigh Valley Magazine, and ranked among FA Magazine’s Top RIAs and AdvisorOne’s Top Wealth Managers.

For more than years, our firm has been devoted to helping our clients to achieve their hopes, dreams and aspirations. This requires a delicate balance between the science of financial planning and the art of understanding the feelings and emotions of our clients and their families.

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