|
Estate
Planning: Frequently Asked Questions |
The greatest
accumulation of wealth the world has ever seen will be passing from the
WWII generation to the boomers over the next 30 years. In fact, a
Cornell University study predicts that at least $10Trillion dollars will
be left to heirs between now and 2040. This is a critical time for
everyone. If you’re a boomer, you should be working hard to hold
onto every cent accumulated by the previous generation. If you’re
from the WWII generation, “the greatest generation”, you should be
planning to ensure your wealth goes to your children and grandchildren,
not the US government. Do you have a will? Power of
Attorney? Advanced Medical Directive? Living Trust?
Are YOU going to pay $100,000's to the US Govt in estate taxes simply
because you failed to plan? Get our publication:
Estate Planning with Living Trusts today. Click here:
free
Basics:
The Economic Growth & Tax
Relief Reconciliation Act of 2001 changed Estate Planning dramatically.
Considering positive
changes, the amount the tax deduction you get on your estate when you die was
increased for the years up to 2009. In 2010, there is no estate tax.
On the negative side
however:
 |
The law introduced changes
that will take effect each year making this an ever more complicated issue
|
|
Up until 2010, when you
die, your heirs will receive property you owned during your life and be able to
sell it while "only" paying tax on the amount the sale value exceeded the value
at the time of your death. That is called receiving the property at a
"stepped up tax cost basis". In 2010, this rule begins to go away and
there may eventually be no stepped up basis at all. Meaning that your
heirs would pay tax on the value at the time of sale less the "original"
purchase price of the house, stock, bond, etc. Do you know what your
parents paid for their house?
|
|
In 2011 the estate tax
rates SOAR while the deduction PLUMMETS.
|
It is VERY likely that
Congress will change the rules again prior to 2010.
Learn More about the
following subjects, click here:
frequently
asked questions
|
Issues about Wills and
Probate
|
|
Power of Attorney
|
|
Advanced Medical Directive
a.k.a. "Living Will"
|
|
Living Revocable Trusts
|
|
Charitable Remainder
Trusts
|
|
Charitable Lead Trusts
|
|
Generation Skipping Trusts
|
|
Irrevocable Life Insurance
Trust
|
|
QTIP Trust
|
|
Get your free publication:
get started now
|
