April 2014 – Q: We are trying to plan for taxes as it affects our estate heading into 2015. Do you have any advice for us?
A: I think one of the central themes for the last four or five years has been uncertainty. This is true not only in the markets but with uncertainty related to the tax code, regulations and other fees and burdens that may be placed on individuals.
I would just say that, if your estate is larger than two million dollars, you definitely need to be doing some strategic planning for your taxes. You also need to contact the AFA Foundation.
If your estate is under two million, I believe that it will never hurt you to plan by way of a living trust, although it may not be as necessary.
I am afraid that the uncertainty in and around the tax code will be with us through at least 2015
____________________ Dan Celia has been in financial management for more than 30 years. He works closely with AFA Foundation and can be heard six days a week on AFR Talk (afr.net).
