MARCH 10, 2012, St. Louis, Missouri… Eric C. Peterson, a partner in Gallop’s Business Law Department, discussed crucial estate planning and related tax and regulatory matters for consumers and investors in an exclusive interview on KMOV-Channel 4 in St. Louis that aired Saturday, April 7, 2012, at 6:30 p.m.
In an interview with financial planner Jeff Duncan, host of The Jeff Duncan Show, Mr. Peterson discussed federal estate tax changes that may occur at the end of calendar year 2012 and the potential impact those changes may have in store for a person’s heirs.
“Unless Congress acts to preserve them at higher levels, the federal estate tax exemption of approximately $5 million is set to expire at the end of 2012,” Mr. Peterson said. People with estates exceeding $1 million should be aware of the issue, and should begin taking steps now to minimize the taxes that may serve to reduce the estate available to their heirs, he said.
He noted that the current federal tax exemption for estates with assets of under $5 million could be exposed to significant taxation in the event that the exemption limit reverts back to the $1 million level, which, at present, is slated to occur January 1, 2013.
“That is a tax bill that many people may not be prepared for,” said Mr. Peterson, adding, “Effective estate planning, tax planning and financial planning are the keys — people should avoid ‘doing nothing’ to prepare for the potential tax changes, and to mitigate potential taxation even in the event the existing estate tax exemption is preserved.”
Estate taxes are paid by heirs of an inheritance and payments are due to the federal government within nine months after the decedent’s death. If heirs do not have enough money to pay the federal estate tax (aka “death tax”)” in many cases their personal assets or business assets must be sold or liquidated in order for them to pay the tax.
As an attorney, Mr. Peterson represents business owners, investors, financial institutions, lenders, businesses and corporations, and has substantial experience in asset protection law.
Annually from 2005 to 2010, Mr. Peterson was named a Super Lawyers Rising Star. Prior to his legal career, Mr. Peterson worked in the White House Office of Political Affairs. He is the author of numerous articles dealing with business finances, bankruptcy, intellectual property and antitrust matters, among other legal issues. Mr. Peterson is a graduate of Boston University School of Law.
He is licensed to practice in Missouri, Maryland, California and the District of Columbia, and he is a member of the Board of Directors of The Turnaround Management Association – Missouri Chapter, in addition to other professional organizations.
The weekly Jeff Duncan Show is hosted by Jeff Duncan, Founder and Principal of Duncan Financial Management, Inc (http://duncanfm.net.)., a full-service investment and financial planning firm with offices in St. Louis and in St. Charles, Missouri. Mr. Duncan is a widely published, often-quoted financial planning expert and investment manager whose commentary and opinions have aired on many media.
Gallop, Johnson & Neuman, L.C., is a full-service law firm that provides legal services to clients in diverse industries and is one of the largest law firms headquartered in St. Louis. With more than 30 practice areas, Gallop also has offices in Washington, D.C. and Oklahoma City, Oklahoma. Gallop serves public corporations; privately-held companies; entrepreneurs; start-up enterprises; individuals and families; trustees and trust beneficiaries; charities; and non-profit entities. The firm’s headquarters are at 101 South Hanley Road, Suite 1700, in St. Louis, Missouri.
For information about Gallop, please contact Laura B. Callahan at 314.615.6000 or visit the website http://www.GallopLaw.com. Media contact: Jeff Dunlap at 314.993.6925.
Legal Disclaimer: This article is for general information purposes only and is not meant to be considered or construed as legal advice. Per MO Supreme Court Rule 4-7.2 “The choice of a lawyer is an important decision that should not be based solely on advertisements.”