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Tax Tip of the Week
For the week of
July 8, 2002

Don't put off estate planning

Despite a recent effort by Congress to permanently repeal the estate tax, the estate tax is not dead. If you own substantial assets, you stand to lose a big chunk of your estate to taxes unless your estate plan is in order.

What are the rules? The 2001 Tax Act made major changes to the estate tax law. From 2002 to 2009, the estate tax rates gradually decrease, and the amount exempt from tax gradually increases. In 2010, the estate tax is repealed for one year. The bad news is that in 2011, the estate tax returns to the old rules, with a top tax rate of 55%. And the reality is that between now and 2010, high estate taxes still exist.

Don't put off estate planning. Summer is the perfect time to review your estate planning documents (wills, trusts, etc.) to make sure that they deal appropriately with the 2001 Tax Act changes. It's also the ideal time to review your entire estate plan to make sure that it still reflects your intentions, and that your will, power of attorney, and medical directives are up to date.

Investing a little time in estate planning can pay off in lower taxes and administrative costs, increased financial security for your loved ones, and, best of all, your own peace of mind. For assistance, call us. We are here to help.

Prior Tax TipsClick here to view previous tax tips.

"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

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