Fiscal Cliff Deal Complicates Estate Planning for Married Couples

Tax Attorney Robert F. Klueger Urges Review of Estate Plans

Jan 10, 2013, 10:00 ET from Robert F. Klueger

LOS ANGELES, Jan. 10, 2013 /PRNewswire/ -- The deal that Congress passed on January 1st to avert falling off the fiscal cliff will for the first time in years provide people with some certainty as to what the estate tax is, but it also makes estate planning more difficult.

Congress fixed the lifetime exemption from estate tax at $5 million per person and $10 million for a married couple, while raising the tax rate for estates above $5 million to 40%.  According to tax attorney, Robert F. Klueger, "the new law makes planning for married couples more difficult than ever."  

Mr. Klueger urges married couples to review and possibly revise their estate plans.  He added, "Estate plans written years ago with lower exclusions may have become obsolete."

Robert F. Klueger is a Certified Tax Law Specialist (California State Bar Board of Legal Specialization) and is AV rated by Martindale-Hubbell (highest possible rating). He is the author of numerous books and scholarly articles on asset protection and tax planning.  His latest book, Estate Planning After the New Tax Law was published in 2011 by Xlibris Publications.  He has also published Buying and Selling a Business (John Wiley & Sons, 1988), Mergers & Acquisitions, a Practical Guide (Executive Enterprises, 1989), A Guide to Asset Protection (John Wiley & Sons, 1997) and Asset Protection, (Entrepreneur Press, 2008). His article entitled Practical Considerations in Asset Protection appeared in the July 2003 issue of the Los Angeles Lawyer.

Mr. Klueger is one of the very few private attorneys in America who has argued a tax case before the United States Supreme Court. Mr. Klueger is a frequent lecturer on asset protection for the California Bar Association and various other groups. A practicing attorney since 1974, he is a member of the bars of the United States Supreme Court, the United States Tax Court and the state bars of California, New York and Colorado.

Klueger & Stein, LLP is a Los Angeles-based law firm that specializes in sophisticated estate tax planning and asset protection.

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SOURCE Robert F. Klueger