Happy New Year! Hello 2011
Happy New Year Everyone!
The "New Year" always signifies a new beginning, start of something new and for me that feeling of renewed energy. As I look forward to 2011 here are a few thoughts or notable things of 2010.
2010 was the year of uncertainty--much of what was talked about among estate planners was uncertainty of estate tax law and how much anguish that caused for planning of any kind. When the news about taxes finally came...so late in the year (December 2010)...it was a decision that even the most optimististic types didn't predict. Although, personally I told clients that President Obama supported a credit of $3.5 Million for estate taxes--which was a pretty good call--since the credit is now $5 Million (for individuals).
There was a fear among some that 2010 might be a very bad year for taxes--as politicians might change the laws--but as I believed--the year ended up as the year of less taxes, and specifically will be lodged in the record books (in terms of recent history):
- 2010 - As the Year of No Estate Tax
As far as the extended "tax cuts" for 2011 and 2012, those extensions will generally only be around for 2 years, so long-term planning might still be tricky--and most most likely the next big tax-debate will be the focus of the 2012 elections.
I was reading over this WSJ article by Laura Saunders that gives a good recap on what has happened in 2010 and a peek at what the future holds for tax issues.
On a more personal note, this year was a year of tremendous growth for me--I had a chance to connect with many of you in person or on my Facebook page (if you haven't, you can check it out, my FB page)--for which I am grateful. Also as of today, I am on Twitter, you can find me at http://twitter.com/#!/darylbinkley
As I look forward to start this new year, I want to wish you all a happy, healthy and prosperous 2011.
