I did a post earlier on tax changes that would affect small businesses this next year and in the future. My last post was mainly on income taxes and the severe reduction of bonus depreciation and the Section 179 deduction. I will focus this post on tax changes affecting estate planning.

The estate tax is based on wealth, or net value, as opposed to income, so it works the following way. In general when a person passes away, one of the duties the successors in interest must do for the Estate is to inventory property. The inventory is then valued as of the date of death. If the net value of the Estate exceeded a certain amount, (the federal estate tax exemption amount) it was subject to taxes. As part of the Bush Tax cuts, the federal estate tax exemption amount went from $640,000 to up to $3,500,000 before it was phased out completely in 2010. In 2011 the federal estate tax exemption was set to return to $1,000,000, but Congress and the President reached an agreement that set the exemption at $5,000,000 with a top rate of 35% for 2011 and 2012.

In 2013, the federal estate tax exemption is set to return to $1,000,000 per individual. The top tax rate will be 55% for the largest estates. This means that estates of people dying on January 1, 2013 may have to pay up to 20% more in taxes than if the person had died on December 31, 2012 instead. The good news is that the estate tax is the easiest tax to plan for, so you should take steps now if your family’s weath is more than $1,000,000.
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In Oklahoma, the state estate tax was repealed effective January 1, 2010. It is set to stay repealed because any tax increase basically has to pass by constitutional refernedum now, and it doesn’t seem likely that will happen. However, there is a chance that the federal estate tax could change so drastically that Oklahoma may re-impose its state death tax based on the federal credit system. We will have to watch to see what develops with this.

If you have questions on planning your estate or if you are worried how death taxes will affect you, then please call to set up a complimentary appointment. In tax planning, an ounce of prevention is worth a pound of cure.

Just a reminder that the OKC Thunder is playing in Game 2 of the NBA Finals tonight. Everyone should take some time to watch and see the talent that Oklahoma has put together and has showcased on the world stage tonight.

While you are showing your Thunder pride, remember the Oklahoma standard and what we stand for. In addition to great basketball we also have great people; and that is the legacy of our state.
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And one last estate planning plug for the citizens of Oklahoma, what legacy will you leave?

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Projections from the CBO on Federal Debt Projections to 2087

This is a stunning graph from the Congressional Budget Office that represents the US public debt as a percentage of GDP. The steady line at the bottom is the Extended Baseline Scenario, which is what the CBO must use assuming the rosiest projections.

However, the dashed line that goes completely off the chart around 2042, according to the CBO, “is more representative of the fiscal policies that are now (or have recently been) in effect than is the extended baseline scenario.”

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This is a continuation of the series I started last week looking at the tax law changes that will have the greatest effect on small businesses and individuals in the coming year. This post will highlight a few of the changes that will go into effect at the stroke of midnight on January 1, 2013. This has been called Taxmageddon and if all plans stay in effect will result in a $5.8 TRILLION tax increase over the next ten years.

The Payroll Tax Holiday will sunset once again. This will mean that your employer (or yourself, if self-employed) will have to start deducting full amounts for social security from your paycheck. This is a 2% tax increase on all earned wages (up to $112,000). In reports I have seen, this will mean a tax increase of $840 per average household.

Capital Gains taxes, the taxes imposed on the gain realized on the sale of assets held for investment, will increase from a maximum rate of 15% to a maximum rate of 20%.

Dividend taxation: The preferred rate, currently 15% for qualified dividiends, money that is already taxed at the corporate level and distributed to the shareholders, will increase from a maximum of 15% to potentially as high as 42% just at the federal level.

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Planning time is still available. I will pursue a few more of these articles to show how to protect your hard earned wealth through proper tax and estate planning.