ESCOBAR AND ASSOCIATES ANNOUCEMENT REGARDING COVID-19

Escobar and Associates Attorneys at Law remains open during the COVID-19 Coronavirus pandemic. Legal services are defined as “essential” within the Stay at Home Order executed by Florida Governor, Ron DeSantis. We remain committed to providing uninterrupted legal services to all clients. We also remain dedicated to the health and safety of our clients and staff. Within the office, our firm has already implemented protocols to keep clients and staff safe during this crisis. We understand as criminal defense attorneys how crucial it is for our attorneys and staff to remain available 24 hours a day, seven days a week to provide legal services for clients in need.

Your pursuit of justice starts here!

Speak to an attorney 24 hours a day free consultations

Email Us & Get Help
Today

The future of estate tax is up in the air

| Dec 21, 2011 | Inheritances

As of right now, the estate tax exemption is $5 million, with a top marginal rate of 35 percent. That means for most residents in Las Vegas, the estate tax does not apply. But in 2013, the current law will expire, causing the exemption amount to drop to $1 million. The top marginal rate will rise to 55 percent. This large change could scoop up quite a few Las Vegas estate owners and force their heirs to pay estate taxes.

Right now a bill, called the Sensible Tax Act of 2011, is being discussed among politicians, though reportedly it isn’t getting much support. If the bill is passed, it would let the top marginal tax rise to 55 percent, but would index the $1 million exemption for inflation starting in 2000. That means the exemption would drop from the current $5 million for individuals and $10 million for couples to a $1.31 million exemption for individuals and a $2.61 million exemption for couples. The bill was introduced by a Democrat representative from the state of Washington.

Although only 0.13 percent of estates in the United States are work more than $5 million, that percentage doubles for those that own estates worth more than $3.5 million. As the new year nears and 2013 seems to be over the horizon, the estate tax debate will heat up and bring changes that will affect people trying to establish an estate plan. Although the process can be stressful and emotional, it is a very vital and necessary part of planning for the future.

Source: The Seattle Times, ” McDermott tries again to rewrite estate tax,” Kyung M. Song, Dec. 3, 2011

  • Martindale-Hubbell | Top rated lawyer in Tampa | Richard Escobar | For Ethical Standards and Legal Ability | Martindale-Hubbell Top rated lawyer
  • Top Lawyers 2016 | Richard Escobar
  • Top Lawyers 2016 | Dino Michaels
  • Highest Possible Rating in Both Legal Ability & Ethical Standards | AV |AV Preeminent | Richard Escobar | 2016
  • Judicial Education | AV | AV Preeminent | Richard Escobar | 2016
  • CLIENT | DISTINCTION AWARD | Dino mike Michaels, Esq. | Recognized for Excellence | Quality of Service | Overall Value | Responsiveness | Communication Ability
  • 15 | YEAR | Anniversary | Proudly Serving | the Community | Since 2001 | Dino Mike Michaels
  • 10 Best 2018 | Richard Escobar | Client Satisfaction | American Institute Of Criminal Law Attorneys

Archives

Email Us & Get Help
Today

FindLaw Network