Will Rogers has been quoted as saying “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” Earlier this year, Congress passed the American Taxpayer Relief Act of 2012, which may have prevented us from falling off the fiscal cliff, but further complicated the already complex world of income taxation of estates and trusts.
Whether you are a fiduciary or beneficiary of an estate or trust, or one of their advisors, you should take note of some of the more important changes under the new income tax laws, as well as strategies that can be employed to minimize the tax.
For some of those strategies to be effective, action must be taken right away.
With these new rules in place, the following are some of the strategies that may be used to minimize income taxes.For individuals, the top rate kicks in at taxable income of 0,000 (or 0,000 if married filing jointly); however, for estates and trusts in 2013, the top rate kicks in at taxable income of only ,950.The rate on long-term capital gains and qualified dividends has increased from 15% to 20%.Beneficiaries will not be very happy if they or their trusts are forced to pay additional income taxes that could have been avoided with a little planning on the fiduciary’s part.
The top tax rate on ordinary income has increased from 35% to 39.6%.NRS 164.021 Notice by trustee to beneficiary concerning change of revocable trust to irrevocable trust; contents of notice; limitation of action to contest validity of trust.
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