• Skip to main content
  • Skip to footer

Robinson Payne LLC

  • Home
  • Contact Us
  • Directions
  • Practice
  • Attorneys
  • Testimonials
  • Resources

Header

Robinson Payne LLC

A Law Firm Focusing on Business, Banking and Estate Planning

call us

847.882.8888

The Devil May Be In the Details

Russ Robinson Leave a Comment January 2, 2013

Filed Under: News

After waiting with baited breath for news of the pending fiscal cliff, we all now know the outcome of that melodrama. Well, most of the outcome anyway. As to the lesser-known portion of the affected legislation—changes in the estate tax law—what we don’t yet know could matter to some families as much as what we have learned so far. Although the bill now headed to President Obama’s desk only slightly tweaked the exemption limit to $5,000,000 and the rate to 40%, what about other estate issues?

  • Did we retain “spousal portability?” This feature of the 2011 – 2012 changes was a welcomed simplification to use of both spouses’ tax exemptions; it was retained, which is very good news…although even those rules and how they all work continue to evolve.
  • Will the exemption be indexed? This aspect of last year’s tax structure prevents future fights about adjusting the limit when estate values inflate in future years.  It appears Congress kept this in place, although we don’t know if it has been reset with a 2013 $5,000,000 starting point. We expect so.
  • Can you use the exemption fully during life, or will the new law limit the amount someone can gift to the prior $1,000,000 limit? The permission to use up to the full exemption regardless of timing permitted some terrific planning opportunities over the past couple of years. Again, first reports indicate this has stayed in the mix, which is much welcomed.
  • Could we finally re-couple state and federal estate taxes? This has been an unresolved and growing issue over the past decade, one we hope gets fixed. Early indications are that this has not been fixed.
  • What did someone miss in the rush, or at least not mention in the summaries of the “good news?” The other shoe may yet drop, but in ways nobody knows just yet.  Stay tuned to your favorite business publications, news reporters and other bloggers for what we may yet find out!

 
So, in light of the current state of affairs, what should you do with your plans?

For most of our clients, although these points may impact their plans, they should not be the only areas that need attention. While tax issues matter, the other decisions you should make about your plans will be driven more by non-tax than tax consequences. These are something we call “The Seven Deadly Sins of Estate Planning,” and if you don’t know what they are or if you’ve committed any of them, take some time to view this recent discussion of each one:

Click here to watch video

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Footer

Contact

Russel G. Robinson
Direct Dial: 847.944.9220
russ@robinsonpayne.com

Richmond A. Payne
Direct Dial: 847.944.9218
rich@robinsonpayne.com

Wendy K. Widmayer
Direct Dial: 847.944.9216
wendy@robinsonpayne.com

Michaelle L. Bauer
Direct Dial: 847.944.9226
michaelle@robinsonpayne.com

Melissa A. Wolf
Direct Dial: 847.944.9232
melissa@robinsonpayne.com

Holly R. Payne
Direct Dial: 847.944.9228
holly@robinsonpayne.com

Contact Info

Office Location
2800 West Higgins Road Suite 160
Hoffman Estates, IL 60169


Phone / Fax
Main: 847.882.8888
Main Fax: 847.882.7777

Remote Hours
Monday - Friday
9-5

On-Site Hours
Tuesday 9-5
Thursday 9-5
By appointment only

Contact Us

  • Disclaimer click box to enlarge

    If you are considering contacting Robinson Payne LLC by email, the following terms of use apply. The information or links from this site have been provided to inform those who seek a general understanding of the law, attorney/client procedure, and for legal terminologies which apply to various areas of the law. The information provided herein should not be construed as legal advice or the legal opinion of our firm. We urge visitors who require legal advice to seek professional legal counsel and not to rely upon information gathered from this web site.

    Please consider the following risks prior to sending email to our firm:

    • · If you are not a client of Robinson Payne LLC, your email may not be considered as privileged or confidential information.
    • · Since email communication is not a secured means of correspondence, your message could be intercepted by an outside source.
    • · Among other risks associated with emailing our firm, your may also subject yourself to a waiver of the attorney-client and/or work-product privileges.
    • · The act of sending email to our firm or its attorneys does not constitute an attorney-client relationship.

    In order to establish whether or not an attorney-client relationship is feasible, you must first call our office and make an appointment for a legal consultation. Once an attorney has reviewed your case, you will be informed of the firm’s decision to either accept or decline your request for representation. If you are in need of an appointment, please call our office at 847.882.8888 or email us using the form above.

Visit Us

Copyright © 2023 Robinson Payne LLC. All Rights Reserved.
Robinson Payne - A Law Firm Focusing on Business, Banking & Estate Planning conveniently located in Hoffman Estates, Illinois serving suburbs of the Chicago area such as Schaumburg, Inverness, Palatine and Barrington

© 2025 Robinson Payne LLC · Design by Steck Insights Web Design Logo

We are pleased to announce that attorneys Russel G. Robinson and Richmond A. Payne of Robinson Payne LLC have joined Meltzer, Purtill & Stelle LLC. They will be joined by their longstanding paralegals, Wendy K. Widmayer and Melissa A. Wolf. Please join us in welcoming these outstanding professionals to our team.

Russel G. Robinson
Richmond A. Payne
Wendy K. Widmayer
Melissa A. Wolf

Learn More