So here we are on January 2, 2013. The world didn’t end on December 21, 2012 like the Mayan calendar said it would. We got close, but we didn’t go off the “fiscal cliff,” a moniker made up by the media to cause panic in the streets. And taxes are going up on most Americans, despite promises and assurances from the President that they would not.
Talk about waiting until the last minute! These folks waited until the last minute had already expired. Literally! On New Year’s Day, the Senate passed a bill called the “American Taxpayer Relief Act of 2012.” They approved it in an 89-8 vote. Then the House of Representatives, in a much less bipartisan fashion, passed the same legislation by a vote of 257-167. Twice as many Democrats voted for the bill as Republicans. And although the name implies it was a good thing, 77% of Americans will be paying higher taxes next year. Don’t believe it? Click here for a summary of the new law.
I will be writing more about the details of the new law, and how it affects you, once it actually becomes law and I have a chance to read the darn thing. Unlike our esteemed members of Congress, we actually read the law before we advise our client families!
As normal, we spent the last three months feverishly working for client families who waited until the last minute to do their end of year planning. Whether they did it for tax purposes or just to finally get it done, the good news is that THEY DID IT. They got their loved ones protected, and it’s never too soon to do that.
So while the country’s focus is squarely on taxes, I encourage you to take a minute over the next few days to review what you have already done, and need to do THIS YEAR, to protect your loved ones in the event of your death or disability. You never know. Tomorrow is promised to none of us. 2013 just may be your year!
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