Time Is Running Out in Williamsburg, Virginia


There may not be a better time to engage in strategic gifting, GRAT planning or IDGT planning. The combination of expiring provisions and looming potential changes make the following strategies particularly powerful.

Trick-or-treaters have emptied the candy bowl, plans for pumpkin pie and turkey legs are underway, and soon we’ll all be singing Deck the Halls …for the end of 2012 is rapidly approaching. For many of us, 2013 may bring a potentially disastrous tax predicament, either the fiscal cliff itself or something else entirely.

When it comes to estate and gift taxes there are some actions you may want to take while it is still 2012. This matter was taken up in a recent Forbes article appropriately titled “Year-End Estate Tax Considerations — TIME IS RUNNING OUT.

Yes, time is running out on your ability to take advantage of more than a few powerful tax tips and tricks. In fact, this countdown clock has been ticking toward this very precipice since the final days of 2010. If you haven’t been carefully planning all along, then now’s the time to jump to it! What can be done is another question and, while it depends on your unique goals, the original article offers a few examples of your options before the buzzer sounds.

Another Forbes article titled “Major Estate Tax Change Looming – Don't Be A Last Minute Louie” points out rather directly how 2012 has been a year of waiting – of waiting for Congressional action, of waiting for an election to come and go, and of waiting for a settled law to base your planning around.

Instead of waiting, however, the best advice would seem to be to take action as best we can. So please don’t delay, schedule a consultation with your legal, financial and tax advisors ASAP.

References: Forbes (October 23, 2012) “Year-End Estate Tax Considerations — TIME IS RUNNING OUT

Forbes (October 26, 2012) “Major Estate Tax Change Looming – Don't Be A Last Minute Louie

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.