Time marches on, and as it does changes invariably take place and a lot of them are going to impact your estate plan. Some of these twists and turns are specific to you and your own life. Divorce and remarriage are prime examples, and these are very common occurrences during our current era. But there are other events outside of your personal control can be relevant to your ongoing estate planning efforts. One of those is changes to the estate tax. As of this writing the maximum rate of the … [Read more...] about Estate Tax Parameters Set To Change In 2013
Under current law, the present is a wonderful time for the wealthy to gift. Many wealthy people are taking advantage of current legal conditions to pass along significant wealth now as opposed to waiting until death. However, there is an important caveat: you should only gift assets that you’re completely sure you will never need. If in doubt, do not gift. For those with excess wealth, current law provides excellent incentives for gifting now. For example, in 2011 and 2012, you can gift … [Read more...] about Gift Now!
No one wants to lose half of the value of their life insurance to the federal estate tax. But that is exactly what can happen if you don’t plan carefully. You’re in luck because the federal estate tax is often a voluntary tax. You volunteer to pay by not planning. We suggest that you plan and avoid the federal estate tax. Unified Credit – Each individual can pass a certain amount during his lifetime or at death without paying federal estate tax. This amount is called the unified … [Read more...] about Protecting Life Insurance from Federal Estate Tax