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Tax Tip of the Week
For the week of
September 1, 2003


Don't neglect estate planning

Since there is no legal requirement to do estate planning, many of us let it slide. It is not like an income tax return that is required by law, so why should we bother?

An estate plan will ensure that your assets are distributed according to your wishes. If you have minor children, your will can provide for the guardian of your choice. In addition to seeing that your property is passed to those you care about and that your minor children are properly cared for, a planned estate is easier to administer. The person left behind to care for all your financial matters is not left with a mess. That in itself should make a little planning worth considering.

Estate taxes range from 37% to 49% of taxable estates. If your net worth is in excess of $1 million (the estate tax exemption amount), you should review your estate plan. There is no single planning strategy to cover all estates. What you own and how you want it treated after your death will govern the terms of your will and trust documents, if any, that may be needed.

The value of your home, your personal property, your collectibles, your investments, including your retirement accounts, and possibly your life insurance can all enter into the estate equation. It doesn't take much any more to find yourself in the taxable estate category.

Changes in your family life, such as a move from one state to another, a marriage or divorce, a change in the number of children or grandchildren, and the value of your investments, make estate planning and review an ongoing project.

Call us; we will gladly help you and your attorney with your estate planning concerns.

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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