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Do I need an Estate Plan?
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Note: In all cases, when implementing an estate plan, legal advice is a must!
Anyone who owns property
— a home, a car, a bank account, investments, business
interests, a retirement plan account, collectibles, personal
belongings, etc. — needs an estate plan. An estate plan allows you
to direct how and to whom your property will be distributed after
your death. If you have no estate plan at all, your property could
be distributed according to your state’s intestacy laws without
regard to family needs or your desires.
As of Jan. 1, 2012 the federal estate tax exemption was indexed for the first time, so that for 2012, up to $5.12 million of an estate will be exempt from the current 35% federal estate tax. That's up from $5 million in 2011, meaning an individual could have left $120,000 more tax-free if he'd died on Jan. 1, 2012, instead of on Dec. 31, 2011.
State Estate Tax and/or State Inheritance Tax by
State
Estate planning is an ongoing process. For a young, single person,
an estate plan may consist of simply a Will. A couple just starting
out might have Wills and own a modest home and bank accounts in
their joint names. When children arrive, naming a guardian and
arranging to provide for them and your spouse in the event of
unexpected death or incapacity become estate-planning concerns. And,
once an individual starts to realize his or her financial goals,
asset preservation and avoiding taxes become important factors in
estate planning.
Although the Economic Growth and Tax Relief Reconciliation Act of
2001 phases out the estate tax — with full repeal slated for 2010 —
in the interim, many people who consider themselves of comfortable
means may still have estates that will be subject to estate tax at
their deaths.
Moreover,
repeal might be in effect only for one year. The Act contains a
sunset provision that would cause the law’s changes to expire after
2010 unless Congress takes further action. So tax planning continues
to have a place in estate planning.
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Author’s note:
The intent of this article by termlifeamerica.com is to
inform and motivate the general public into action.
One should consider only a qualified practicing legal individual or
entity, in the state in which you reside, to establish properly
drawn documents of this type.
Related:
SEE
Estate Planning Brochure
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