Advisers flooded by year-end scramble by people waking up to possible tax changes in 2013
Wake up and good morning. The end-of-year, pre-fiscal-cliff chaos among those folks belatedly waking up to the likely coming uptick in taxes has lawyers and financial advisers turning away last-minute calls of panic.
Consider attorney Edward Koren, (photo, left), a Holland & Knight partner in Tampa, who says three people he does not know called him last week. "I turned them all down," Koren told Bloomberg News in this story. "I have to tolerate a failure to act by ongoing clients but not by someone who calls out of the blue." Translation: Creating legal trusts and understanding complex financial/legal situations of unknown people are not something you typically do in the middle of a busy December with a year-end deadline looming.
Estate taxes is one area that could be sharply hit by changes in 2013, suggests Tom Breiter of Breiter Capital Management in this recent Bradenton Herald piece. Should investors be selling more stocks and taking gains while capital gains are likely -- but not yet guaranteed to be -- lower than they will be next year? WUSF News explores reaction here from Florida accountants on this matter.
If you have an attorney or financial adviser and have not consulted them about potentially big changes coming to taxes in 2013, shame on you. And shame on them. If you do not have advisers and are making cold calls to professionals -- like Ed Koren at Tampa's Holland & Knight -- good luck getting much help this late in the game.
But it's still only Dec. 13. There is time to act -- if you can figure out what to do.
-- Robert Trigaux, Business Columnist, Tampa Bay Times