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Estate Planning Estate Planning is absolutely necessary for high net-worth individuals. Therefore, anyone with a net worth of over $1 million must consider a custom plan including trusts, wills, partnership/shareholder agreements, and a gifting strategy. If one foregoes estate planning, the government will be entitled to a lion's share of the individual's total estate at death. The heirs will have to pay over 50¢ of every dollar over $1 million of the decedent's estate in the form of one tax or another, be it estate tax, inheritance tax, etc. To further complicate things, George W. Bush's administration has introduced and passed House Resolution 8, which is the repeal of the Estate Tax. This repeal is gradual, and in essence favors those who will die in 2010. The rates decrease, exemptions increase, and to complicate things, the Act is subject to a Sunset clause. This means that the Estate Tax may spring back into full effect with the rates of the previous Act, being those of 1999. Another complication would arise if Democrats take control of the House: they may decide to veto this Act before 2010. Considering these issues, it is more important than ever to have an up-to-date Estate Plan. Without an Estate Plan, it is the heirs who would be severely punished. The government will blatantly take the money you worked so hard to make, when it is possible to prevent this from happening. |
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