The Road Ahead: Tax Planning for 2012 Year-End - by Alan Weissberger

As we are in the final quarter of 2012, significant tax law changes are scheduled for 2013. The enclosed white paper discusses the potential expiration of the Bush-era tax cuts on January 1, 2013; two new taxes imposed by the Patient Protection and Affordable Care Act of 2010 ("Obama Care") that target high-income individuals beginning in 2013; and most importantly, the tax planning opportunities that are available in light of the potential changes. Please click here to view the white paper.

In particular, the paper discusses a number of planning ideas, including some of the following:

  • Income/deduction planning ideas, such as converting an IRA to a Roth IRA in 2012, accelerating income into 2012, and deferring deductions into 2013;
  • Capital gains planning ideas such as selling those investments in 2012 that you are planning to sell in the next few years, as well as donating appreciated securities, rather than cash, to charity; and
  • Estate and gift tax planning, ideas such as using your remaining gift and generation-skipping transfer tax exemption of $5,120,000 ($10,240,000 exemption for married couples) before the end of the year.

Some of these planning ideas may provide you with a once-in-a-lifetime opportunity to minimize your taxes. We encourage you to contact Hirtle Callaghan and your other professional advisors as soon as possible to discuss the opportunities highlighted in the white paper.

Alan Weissberger, Esq. is a Portfolio Manager with Hirtle Callaghan, where he is responsible for the financial, estate, and tax planning for individual and institutional clients.  Prior to joining Hirtle Callaghan, Alan worked for Morgan Lewis and Bockius, LLP, where he was an associate in the Personal Law Practice Group.  Alan earned a B.S. (High Honors) in Accounting from The Pennsylvania State University and a J.D. (Magna Cum Laude) from the University of Pittsburgh School of Law.  Prior to attending law school, Alan served as a senior auditor at Deloitte & Touche, where he successfully passed the Uniform CPA Examination.

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