#empoweredwealth comment on the Fiscal Cliff
Reshared post from +Lee Brower
The Fiscal Cliff Is Over…Now What?
Many wealthy families transferred millions of dollars to their heirs before December 31, 2012, fearing that the $5.12 million estate and gift tax exclusion amount would be reduced and that rates would go up. What happened? The Fiscal Cliff deal passed by Congress yesterday surprisingly made the $5.12 million / per person exclusion amount temporarily permanent (only congress can fully embrace this oxymoron) while raising the highest estate tax rate by 5% – far less than expected. Families of wealth have a legitimate complaint about how Congress and the political system made it impossible to do reasonable tax planning. Yet, sustainable prosperity is not just about tax avoidance; it’s more about building the mindsets and family culture that will give family members the greatest opportunity to contribute and thrive in the future. And that has very little to do with any fiscal cliffs.
Happy New Year from #empoweredwealth .
Google+: View post on Google+