Extending the current rate structure for a limited time is not a defeat for either political party; it is reasonable policy given the economic certainty and voters' understandable fury at the long delayed action on this topic.
-Liz Miller, CFA & CFP, Summit Place Financial Advisors, LLC
We're in the planning business. Since we're dealing with an unknown we've got to consider alternative scenarios for various outcomes.
-Brad Pine, Wealth Advisor, Bradford Pine Wealth Group, Securities offered through Cantella & Co. Inc., Member FINRA/SIPC
We've got a cliffhanger here. But can't just wait for something to happen. We're busy finalizing gifts.
-Gideon Rothschild, Moses & Singer LLP
I believe when the estate tax portion of the Reform Bill is passed, it will be retroactive to January 1, 2011. This is due to the fact that estate taxes are not payable until nine months after death.
-Brad Pine, Wealth Advisor, Bradford Pine Wealth Group, Securities offered through Cantella & Co. Inc., Member FINRA/SIPC
The possible expiration of the so-called "Bush tax cuts", combined with the additional taxes on investment income in the healthcare bill that will kick-in in 2014, make converting to a Roth IRA a very attractive option for some investors. Roth IRA conversions allow investors to lock-in current income tax rates, and offer the potential for tax free growth far into the future, for the account owner and his or her heirs. However, the deadline to make the switch and lock in this year's tax rates is December 31, 2010, so for those who are thinking about converting, now is the time.
-John Olivieri, Private Clients Partner, White & Case
