Estate planning should be viewed as an ongoing process. When you create your first estate plan, you are dealing with a certain set of circumstances. There are the conditions of your own life, and there are also societal circumstances that impact everyone. Over the years, things change. You may have additions and subtractions to the family, and your financial position could change. Changes in marital status can also enter the picture. These evolving circumstances could call for estate plan updates. Taxation is something to take very seriously when you are planning your estate. There is a federal estate tax that can have a big impact on your family s financial future. The maximum rate of this tax is 40 percent, so the death tax looms large for high net worth families. For the rest of 2014, the federal estate tax credit or exclusion is $5.34 million. You can pass along $5.34 million tax-free, but further transfers would potentially be subject to the estate tax. There is a caveat to the a
Posted on: Wed, 08 Oct 2014 01:56:26 +0000