Once your estate plan is completed you should review it every couple of years to make sure you are getting the maximum benefit in light of changed laws. Further, you should also review the document when there is some major change in your life. There are reasons to have an estate plan above the care of your children and making sure that your things are given to specific people. One reason is to lessen the estate tax burden. Contact me whether you are at the initial stage of estate planning or need a review of your current estate plan.
If your estate is below a certain dollar amount your estate can pass without paying any estate tax. However, if it is above a certain dollar amount the tax burden can be heavy. This exemption level seems to fluctuate periodically.
If you die is 2011 or 2012 the exemption levels before the estate tax “kicks in” is $5,000,000 for federal and $1,000,000 for
There are many tools that can be utilized to reduce your estate tax burden while ensuring you the maximum benefit of your estate while you are alive. Gifting money, creating a trust, recognizing the marital exemption, and charity donations are an example of the tools available.
Whether you have a small estate and you need help to ensure that you children are taken care of or you have a larger estate and need help tax planning, you should talk to an attorney.
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