News & Information
- Smith and Condeni News
- Current Events & Commentary
- The Election
- Select Strategies for Insurance and Estate Planning Seminar
- Our New Building!
Library / Useful Articles
- Choice of Domicile: Ohio or Florida™
- Stretch IRA / Family IRA Trusts™
- Charitable Remainder Trusts
- Family Gift Trusts
- Family Limited Partnerships
- Private Foundations
- Company Plan Rollovers To IRAs
Current Events & Commentary
February 2007
The Election
The change of control in Congress will surely lead to significant changes in tax laws over the next several years. Prior to the election, Smith and Condeni attorneys were advising clients that we had stopped prognosticating as to what was going to happen to the income and estate tax law changes made in 2001. As we all know, these are slated to vanish at the end of 2010 and go back to the law in effect prior to the current law.
For estate taxes, a matter of concern to many of our clients, this means that the estate tax credit, currently $2,000,000, would go back to $1,000,000 January 1, 2011. This is after the credit increases to $3,500,000 in 2009 and the elimination of the estate tax vanishes for one year, 2010.
The change of control in the U.S. Congress means that it very unlikely that the 2001 tax cuts will be made permanent. The question is where do we go from here. Interestingly, the initial focus of the Democratic leadership is on addressing the increasing burden of the alternative minimum tax. As forecast years ago, this tax will have an impact on an increasing number of American families. Eventually, Congress will have to turn to the current tax law issues and decide whether to reach a compromise and give us some certainty or just let the tax cuts in the 2001 law just fade away. Unless an agreement is reached, complete phase out will occur.
We should not be too hopeful that a Democratically controlled Congress will be sympathetic to reducing income or estate taxes for wealthy taxpayers and, based on this belief, our advice to our clients on estate tax planning comes down to this. There is going to be an estate tax. Plan conservatively on this assumption and you and your family will be in the best situation no matter what happens. This has been our consistent message for all of these years of uncertainty.
Select Strategies for Insurance and Estate Planning Seminar
In October, our firm held the 13th edition of its seminar for financial service professionals. The Select Strategies for Insurance and Estate Planning Seminar, held at the Embassy Suites Hotel in Independence attracted 400 registrants. It is the largest seminar in northeastern Ohio for professionals in the fields of insurance and financial planning. We are very proud to host this event and it is evidence of our commitment to professional education.
Our New Building!
At the top of the page you will find our architect's rendition of our new building. Located at 600 East Granger Road, Brooklyn Heights, our new location is conveniently reached from all areas of northeastern Ohio. We are immediately off of I-480 at the first exit west of the I-480 and I-77 interchange. Easy access for our clients was very important to us and we got what we wanted.
Interested in Forest Park Center?
Download the PDF brochure!
The new building is 28,000 square feet on two floors. Smith and Condeni is occupying the second floor and the first floor is being leased out. We already have a tenant for part of the first floor. Imagine Software, based in New York City, with offices in other major cities around the world, is opening a call center for technical support for its internet based software. Under News and Information is the press release announcing Imagine Software coming to Cleveland. Yes, Dr. Lance Smith in the article is Lindsey Smith's brother.
We will be in our new building by late March and are excited about the move! We look forward to showing you around our new offices once we move in and unpack all of our "stuff."
Need help or more information? Contact us!