Eido Walny Discusses Fiscal Cliff Deal and Estate Planning Implications on CBS 58
Originally aired January 13, 2013 | CBS 58 Eye to Eye with Mike Strehlow
In a televised panel interview on CBS 58 Eye to Eye, Eido Walny, founder of Walny Legal Group LLC, joined accountant Mike Bark to break down the impact of the fiscal cliff deal passed by Congress at the start of the year.
Speaking on the uncertainty that surrounded the legislation, Walny described following the developments in real-time on New Year’s Eve, noting the heightened concern clients had over how the new tax laws would affect estate planning and individual finances.
Key estate-related takeaways from the conversation included:
- Estate and Gift Tax Clarity: Walny noted the estate and lifetime gift tax exemption was stabilized and would now be indexed to inflation going forward. While the exemption stood at $5.12 million, it was expected to rise annually—providing more predictability in long-term planning.
- Annual Gift Exclusion Increase: He clarified that the annual gift exclusion had risen from $13,000 to $14,000 per person, per year, allowing more flexibility in family wealth transfers without triggering tax filings.
- Beyond Taxes: Walny emphasized that estate planning should never be driven solely by taxes. “Even if you’re not high net worth,” he said, “there are still critical issues to address—like who gets what, how to protect assets, and how to avoid family conflict or court entanglements.”
The discussion also touched on broader national concerns, such as looming spending cuts, debt ceiling negotiations, and economic pressures from the Affordable Care Act—all of which may impact clients’ financial outlooks.
Walny urged individuals and families to prioritize estate planning regardless of wealth level, underscoring the importance of preparation in uncertain financial climates.
Full segment originally aired on CBS 58 Eye to Eye
Interview hosted by Mike Strehlow | January 13, 2013
Full transcript available at:
Read the full CBS 58 Eye to Eye transcript here