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If your estate is over $1,000,000 in value or you have a substantial amount of money in retirement assets it is possible that your family will lose between 50% and 80% of your estate at your death. Remember the value of your estate includes all of your property, including the face amount of your life insurance. Estate tax rates start at 32% and quickly rise to 50%. The law requires that all estate taxes be paid within nine months of your death. In addition to estate taxes, your debts, attorney fees, income taxes and probate costs all must be paid before your family will receive whatever is left over. It is also important to keep in mind that because your estate may double every ten years, you must have a plan that is flexible enough to provide for changes in your family as well as the total value of your assets. Proper estate planning will assure that you have adequate income at retirement and protection in the event of a death or disability. It will guarantee your family receives all of your assets along with an income so they can continue to live in the same world that you have created for them. You may also wish to include a provision that will help members of your family with money management. In addition, you may desire to provide for a favorite charity(s). Click here to complete our questionnaire form which will help you determine whether you need to review or develop your estate plan. |
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