The window of opportunity may have been small, but regardless it had millionaires and their financial staff worked up into a frenzy towards the end of 2010, reports a New York Family Attorney. There is such a thing known as the Generation Skipping Transfer Tax, which has been in place in America since 1986. This is basically a tax on gifts, inheritances and bequests that occur when skipping a generation, for example by bequeathing a trust fun to your grandchildren.
According to the New York Family Lawyer, there was a small yet imperative window of opportunity during the last two weeks of 2010, unbeknownst to most people, where such a gift could be set up for free. No tax, down from 55% gift tax. That is quite a gift; just ask any wealthy benefactor. Imagine wanting to gift your two million dollar estate to your grand kids only for them to have to pay a million dollar gift tax? Most Americans imagine that being rich is easy, that life is easy when you have money, but in cases like this, it is not so.
According to reports by the New York City Family Lawyer, the window closed once again on January first 2011. Those who got in fast got luck and saved a ton of cash. Those who missed the mark, well, the tax has been lowered for the next two years to 35%, which, though it is no where close to free, is still better than 55%, where it is expected to return in 2013. Moguls, millionaires, and wealthy Grandparents have two full years to take advantage of the 35% rate, but sadly, if you were not paying attention, you might still be kicking yourself for missing out on 0% tax.
A New York Family Attorney can assist you in matters of marriage and divorce, settlements, inheritances, wills and other issues that need consideration and involvement. Partnering up with a reputable New York Family Attorney, it is easy to disperse and distribute your assets in the way that feels most fitting.
The firm of Stephen Bilkis & Associates with convenient locations thorughout the Metropolitan Area, including servicing Sheepshead Bay, N.Y., can be of invaluable assistance to you if you find yourself a party to a case. Facing the Court without professional representation could lead to disastrous results.