In today's society advanced estate planning is not just for the very wealthy anymore, with the continuous change in federal and state estate taxes there is a greater need for special preservation documents beyond a revocable living trust. Below are current statistics of the federal estate tax exemptions. The federal estate tax will be revoked in 2010 and reinstated at $1 million dollars in 2011. Most people may not think of themselves as being millionaires, however if you consider your home and all of your assets that can very easily add up to at least $1million dollars.
Federal Estate Tax Exemption Tax Rate
2007 $2 million dollars 45%
2008 $2 million dollars 45%
2009 $3.5 million dollars 45%
2011 $1million dollars 55%
Our advanced estate planning vehicles are tailored to meet each of our client's individual needs. These documents are ideal for business owners, real estate investors and for the preservation of your estate for yourself and your family. If your estate does exceed the estate tax exclusion there are specific trusts that can be set up to pay for the estate taxes that are due nine months after the date of death. The following are the most beneficial and vital preservation documents that you can incorporate into your estate plan to preserve your estate and avoid paying estate taxes.
Insurance Preservation Trust
Charitable Remainder Trust
Family Limited Partnership
Spousal and Family Support Trust
Don't make Uncle Sam the beneficiary of your estate. If you don't plan properly the government will become your heir instead of your loved ones. Over the next 10 years, the government will inherit more than $18 Trillion Dollars. This is money that people have worked their lifetimes to accumulate so that, they could leave behind a legacy for their family. Don't wait until it's too late, start planning for your future today.