With the New Year will come a new set of tax rates and tax codes for your clients to deal with. Many of these will affect not only their estate planning in the coming year, but quite possibly the last-minute moves they wish to make from now through the end of 2013.
Many of the changes are indexed to inflation, and with the consumer price index running at a tepid 1.0 percent, the increases have been modest. Still the numbers present a bit of a moving target and are worth keeping an eye on. Here’s a rundown of some of the changes that are already in the books for 2014:
As part of the ObamaCare reform, many people are now paying a Medicare surtax: The income limits are not indexed to inflation, and remain the same for 2014 as they were for 2013: $200,000 for single filers, $250,000 for married filers filing jointly, $125,000 for married filers filing separately, and $11,950 for trusts and estates.