Like the 2010 Giants, the current federal estate tax laws are enjoying a successful short-term life, but they face an uncertain future.
San Rafael, CA (Vocus/PRWEB) March 17, 2011
In her latest monthly estate planning newsletter, San Francisco Bay Area attorney Julia P. Wald compares the 2010 Federal Estate Tax Laws changes to the 2010 World Champion San Francisco Giants. The changes to the estate planning law pushed through the lame-duck session of Congress remind Wald of the quick fixes to the team roster that brought the 2010 Giants a World Series Championship.
“Like the 2010 Giants, the current federal estate tax laws are enjoying a successful short-term life, but they face an uncertain future,” explains Wald. “The improbable, yet successful 2010 season will live forever in Giants lore, but the lack of a clear plan for sustaining such success leaves the team’s future uncertain.”
Wald’s newsletter provides details of key provisions in the 2010 law and gives examples of how different sections affect families in 2011 and 2012. She addresses topics ranging from the Federal Gift Tax Law to the Estate Tax Exemption and Portability Application. She also provides a structure for discussing post-2010 estate planning.
The temporary laws are set to expire in 2012, so families need to watch for potential taxes and plan for real-life situations beyond normal tax planning. It is a similar situation to the one faced by the Giants, who made last-minute line-up changes and acquired great players to win the season. This season the Giants need to check-in to assess their situation relative to the 2011 division rosters.
“Just as the Giants are not planning World Series parades based upon last season's result,” Wald cautions, “you cannot make your permanent estate plans based on last year's laws.”
Wald recommends people consult with a local estate planning attorney now to craft documents that take advantage of the current law and again when Congress acts in 2012 to determine if adjustments are needed.
“It’s wrong to believe that only the very wealthy need to worry about estate planning in San Francisco," said Wald. “Everyone needs to plan for the future.”
For more information about the free online monthly newsletter, the 2010 Federal Estate Tax Laws or any of the estate planning services offered by the Law Offices of Julia P. Wald, call them at (415) 578-9881 or view them on the web at http://www.waldlawyers.com.
About the Law Offices of Julia P. Wald
The Law Offices of Julia P. Wald is a law firm that specializes in San Francisco Bay Area estate planning, probate and trusts, and conservatorships. Julia P. Ward has been named top attorney in Northern California by Super Lawyers for six years, most recently in 2009 and 2010. They feature accredited San Rafael attorneys who have experience in many aspects of estate planning, in addition to wills and San Francisco Bay Area living trusts.
As a San Francisco Bay Area attorney, Wald is a member of the California State Bar and has been certified by the California Board of Certification as a Certified Specialist in Probate, Estate Planning, and Trust law since 1990. She has been practicing estate planning law in the San Francisco Bay Area for 25 years. The Law Offices of Julia P. Wald serves the communities of Marin County, San Francisco and the San Francisco Bay Area.
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