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‘Taxmagedden’ looming as fiscal cliff nears: what you can do to be prepared

| Dec 7, 2012 | Business & Commercial Law |

“Taxmagedden” is looming and if Congress fails to reach an agreement by December 31, 2012, current favorable tax laws will expire including:

• The $5.120 million gift and estate tax exemption will drop to $1 million.
• Estate tax rates will increase from 35.00% to 55.00%
• Capital gains tax rate will increase to 20.00%
• Dividends will be taxed as ordinary income

There may be several strategies to consider in order to take advantage of current tax laws and preserve your estate and/or your business from the looming deadlines.

Contact our office at 208-628-3688 or email Rebecca at [email protected] to schedule an appointment with Cameron M. Morby to review your current estate and appropriately plan prior to year end 2012.