Many strive to keep their business and personal realms separate and distinct.  Though this might be a tantalizing concept, the truth is that effective, strategic estate planning solutions are born from a very personal process.  And, with today’s American Taxpayer Relief Act of 2012 (ATRA) environment, which gives permanence to the lower rate of much of the tax cuts, while retaining the higher tax rate at upper income levels and also establishes caps on tax deductions and credits for those at upper income levels, the personal element in the business of estate planning has increased ten-fold.

Leading self-made industrialist and one of the richest men of his time, Thomas Watson Sr. understood this important element when he said, “To be successful, you have to have your heart in your business, and your business in your heart.”  Just as a fingerprint holds the one-of-a-kind pattern for your identity, estate planning solutions should have the client’s own “fingerprint” pattern carefully tailored to their family’s personality and needs.

A key cause of the paradigm shift from transfer tax planning toward income tax, capital gains, succession planning, and more was the 2012 American Taxpayer Relief Act.  New challenges have risen with the codification of permanent transfer tax relief now codified, that by their very nature demand an approach designed and personalized to the individual client. Among these are technical issues such as reducing federal and state income tax liability, more complex issues like asset protection, and simpler, client-specific issues like family legacy and business planning succession.  

“No time is better than now” is an old adage that we all have grown to both love and hate though none would debate with its validity.  Well, now is the ideal time to carefully consider these issues.  It is important that one not be blind-sided by the fact that while their estate tax matters may be simpler and more stable than they were a few years before, there are other important estate planning issues which require careful review and consideration.  Take the time to speak with an advisor and address each of your priorities and those of your family.  Explore questions as: What type of legacy do you want to create and to be known for? What are the your views on personal responsibility, life issues, family values, and stewardship?

By capturing the personal “fingerprint” of your family, your personal advisor can present creative to meet your unique estate planning needs.  Advisors are ready to provide careful investment of time and listening to procure the optimum benefits for yourself and your family.  Contact one of Grupp Law's personal advisors today!