Texas Lawyer Joe Garza Offers Estate Planning Advice in Lieu of '13 Capital Gains Tax Increase

DALLAS, TX--(Marketwire - Mar 26, 2013) - Texas Lawyer Joe Garza offers a forewarning to persons holding large portfolios, those planning estates or persons who will be subjected to the 2013 capital gains tax bracket: Plan ahead for the best protection.

With the brand new year does also come brand new changes to the complex U.S. tax code. With estate taxes and capital gains taxes rising, Garza emphasized that the need to plan ahead has never been so imminent.

"There have been numerous updates to our already sophisticated tax system for the 2013 fiscal year," explained Dallas Attorney Joe Garza, senior partner of Garza & Harris. "This emphasizes the need to plan ahead more than ever before to protect your assets, properly plan your estate and reduce your liability."

There are three 2013 tax laws that change the brackets for single persons or families. Single U.S. citizens earning more than $450,000 will face an effective tax rate of 39.6%, a 4.6% increase from last year. Married families earning $400,000 or more will also fall into this new tax bracket. The capital gains tax bracket has also increased to 20% overall -- and estate taxes on estates worth more than $5 million have increased by 5%, up to 40% from last year's 35%.

"In lieu of these important tax increases, it is time to rethink your asset protection and estate planning strategy," Garza advised. "There are many different methods by which you can more fulsomely protect larger estates valued at $5 million or more, in spite of these recent tax changes."

The new 2013 tax increases on the wealthy represent a monumental shift, and a change that has not been seen in U.S. tax code since 1993 -- when the top earner's rate was last adjusted and increased. For more than two decades, the Republican Party has striven to protect the nation's wealthiest from these tax increases. However, in efforts to compromise on avoiding a "fiscal cliff," they recently agreed to these new tax increases.

"Even with these current tax hikes, there are still many avenues that one can consider for reducing their tax liability while protecting their assets," said Garza. "The first step required is to seek professional legal counsel from an experienced asset protection law firm -- which can empower an individual to take the necessary steps to fully safeguard their assets and legacy."

Learn more about Garza & Harris, Ltd. by visiting: http://www.garzaharris.com.

About:
Garza & Harris, Ltd. specializes in complex tax transactions for businesses and for estate planning. The firm also provides estate planning, asset protection, business succession, and benefit planning services. Garza & Harris, Ltd. has been serving clients for more than 30 years. Garza & Harris is based in Dallas, Texas, but proudly serves clients throughout the United States.