If you are fortunate enough to have amassed wealth and want to keep it in the family, you should die this year and not in 2013.
For 2012, the current law provides a generous $5,120,000 per person federal estate tax exemption. This means that if you die this year, the first $5,120,000 of your estate isn’t subject to taxes. This compares with a $1 million federal estate tax exemption and a 55% effective top tax rate scheduled to take effect in 2013.
Of course I’m making light of the estate tax hike that takes effect January 1st, 2013. But, if you are wealthy and want to provide for posterity without the government taking most of it in the form of the estate tax, you need to see your attorney or CPA right away to make changes before the end of the year. There are many things you can do (gifts to family, charities, POD accounts, joint tenancy deeds of trust, etc) to protect your family.
Do you ever wonder why the laws seem to protect the wealthy?