Estate Tax – Issue Coming?

The year is drawing
to a close, and so far Congress still has not taken any action to tackle the
long-planned phase-out of the estate tax this year, but don’t cheer yet, their
inaction also means that the estate tax is slated to return next year, and with
a vengeance! The tax on all estates of $1 million or more, could go as high as
the 55 percent top rate. (In 2009, only estate of $3.5 million or more were
subject to estate tax.)

So, regardless of
what action Congress does or does not take this year, now is an excellent time
to establish or review your estate planning, to make sure everything is in
proper order. A recent article published in the MoneyWise section of The DailyBreeze lists some of
the key issues to review now:

·        
Review
any bypass or credit-shelter trusts.
Originally established to reduce
estate tax liabilities by maximizing use of the applicable exemption amount,
these trusts warrant extra scrutiny now to ensure they still meet your goals.

·        
Review
and update your will.
Especially if your will is more than a few years old,
you will want to be sure your will is still properly structured to meet your
needs.

·        
Review
your beneficiary designations.
Failing to update beneficiary designations
on retirement accounts, insurance policies and other assets is one of the most
common estate planning mistakes.

 

Then, go to
our website and, see other issues
that can undermine your estate planning and long term goals.

For our Newsletter please
contact us at Newsletter
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