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AICPA: Tax Bill to Spur Financial Planning

Saturday, Dec 18 2010
News
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AicPA logoGift and estate tax provisions in the newly signed tax bill are expected to trigger  a wave of wealth transfers during the next two years as the wealthy adjust their financial planning strategies, according to Lisa Featherngill, who chairs the American Institute of CPAs' committee for the Personal Financial Specialist credential. She attributed that to an increase in lifetime limits on giving.

 

"The floodgates are going to open for wealth transfers," she said in a prepared statement. The law increases the lifetime giving limit to $5 million per individual, up from $1 million. The statement noted that removes assets from their estates and also removes the appreciation on those assets. That enhances the value of wealth transfer between generation since it reduces the estate tax at death.

 


Bob Scott
Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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