The Right Choices Now Can Save Clients Money in 2011 and Beyond
(PRWEB) Palo Alto, CA – December 3, 2010 – Bay Area estate planning attorney Janet Brewer has published the free brief, "Tax Law Update for San Francisco Bay Area CPAs". The brief provides information to help certified public accountants help their clients make decisions about non-charitable gift-giving before the end of this year.
"December 2010 is the time for high net worth individuals to take advantage of some tax-saving strategies that won’t be available in 2011," says Janet L. Brewer, founder of the Law Offices of Janet Brewer. "With prudent gift planning and other estate tax planning, they can protect their assets and transfer more to loved ones."
One crucial area involves large non-charitable gifts and gift taxes. If a CPA's client gives more than $1 million this year, the maximum gift tax rate is 35 percent. Next year it will jump up to 55 percent. Basically, 20 cents more on the dollar will go to Uncle Sam.
Also, there are likely to be changes in 2011 in the tax law on giving a family member a fractional share in a vacation house, on Grantor-Retained Annuity Trusts, and on intra-family loans.
"I suggest alerting clients as soon as possible to the coming changes," Brewer says.
Included in the package now available for CPAs to download is Brewer's update on five tax law changes on the horizon, a letter to high net worth clients, and information on how an estate planning attorney can help.
"In some cases, clients -- especially high net worth clients in Santa Clara County and surrounding areas -- need a estate planning attorney to draft complex agreements that govern a gift. For a real estate gift, they may need to arrange for an appraisal may involve arranging for an appraisal. These steps can take time and money, but yield an excellent return. Taking action now could save 25 percent of whatever amount they give over $1 million, compared to the effects after Dec. 31st, 2010."
The gift-tax alert is one of a series of tipsheets, workshops and seminars that Brewer is developing to release throughout the year. CPAs who opt in to her mailing list will get an email about other resources when they come available.
About the Law Offices of Janet L. Brewer
Janet Brewer is a Palo Alto probate, trusts, and estate planning attorney with an advanced degree in tax law. She has practiced California estate planning, advanced gift-planning, and California probate law exclusively since 1991, and is Certified as a Specialist in Estate Planning and Probate Law by the California State Bar Board of Legal Specialization. Learn more at calprobate.com or call (650) 325-8276.