The more one understands about the planning process, the better one’s chances will be to effectively plan for retirement; provide for his/her family; minimize the risks associated with aging; reduce costs and taxes; and dispose of assets in the manner they see fit. At the Pierro Law Group, our complimentary Estate Planning and Long-Term Care Planning Guides are intended to introduce you, your family and your clients to the estate and long-term planning process, and to serve as a reference to you as you advance through that process. For 2012 there have been a number of important changes we would like to highlight.
2012 Estate Planning Guide: The primary focus of traditional estate planning is the orderly and systematic transfer of one's assets to heirs and beneficiaries through wills and trusts. Modern estate planning, however, has had to expand that focus to cover the varied and complex issues that one faces in our current society. New for 2012: We currently have a $5,120,000 gift and estate tax exemption ($10,240,000 per couple). Combined with historically low interest rates, this presents a tremendous advantage for business owners and wealthy families to do planning now. If Congress does not act, both the estate and gift tax exemption will revert to $1 million at a 55% tax rate. President Obama's recently proposed 2013 federal budget would put the gift tax exemption at $1 million, estate tax exemption at $3.5 million, at a 45% top tax rate.
DOWNLOAD THE 2012 ESTATE PLANNING GUIDE
2012 Long-Term Care Planning Guide: Paying for long-term care is a personal responsibility which has become a burden not just for seniors and persons with disabilities, but for children, caregivers, and other family members. If provisions have not been made ahead of time, families can easily become overwhelmed with the high price and complexity of providing for an elderly parent or relative and persons with special needs. Our guide is designed to give you and your clients a better understanding of the components involved in long-term care planning: Self-Insuring, Tax Planning, Private Insurance, Medicare, Medicaid, and other Long-Term Care Planning concerns. This Guide has been substantially re-written for 2012 including New York's recently published Medicaid numbers, resource limits and Regional Rates for Calculating Transfer Penalty Periods. For detailed 2012 Medicaid numbers and how these numbers are applied, download our 2012 NY Medicaid Resource Handout and “Beware of the Medicaid Trap” article.
DOWNLOAD THE 2012 LONG-TERM CARE PLANNING GUIDE
Proactive planning by creating a comprehensive estate and long-term care plans save families much turmoil in the event of incapacity or death. At the Pierro Law Group we take great pride in our ability to tailor our plans to a family's specific needs and wants. We welcome the opportunity to answer any questions you or your clients may have and look forward to our continued relationship in 2012. Please contact us at 518-459-2100 (Capital District), 212-661-2480 (New York City Area), toll-free at 866-951-PLAN or email info@pierrolaw.com.
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