Take Advantage of Tax Opportunities Now

As I previously blogged, now is a great time to take advantage of the opportunity to make tax free wealth transfers. The 2010 Tax Act is set to automatically expire in 2012 unless the President and Congress reach a compromise. Here is a reminder of some of the moves you can make to take advantage of these provisions while they’re still active:

• Transfer underutilized assets from your estate so that they will not be subject to estate taxes.
• Sell your business at its depressed value to reduce transfer taxes later.
• Look into asset protection methods including trusts and LLCs.

See Kevin Quinn, Carpe Diem (Seize the Day), Duvall Law Firm, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.