Estate Planning Tips

Many individuals pursue estate tax planning because they fear that their estates will be depleted due to the estate tax (sometimes called the "death tax"). The estate tax is a tax that is levied at your death, upon the assets which you leave behind. Both state and federal governments levy an estate tax.

In recent years, estate tax rates have been decreasing and the number of estates exempt from taxation has been rising. However, the current law specifies that in the year 2011, the estate tax will revert back to much higher tax rates, and more estates will be subject to taxation after 2011. Understanding the impact of the estate tax on an individual's estate is key to preserving one's estate for one's family, rather than the government taking it via the estate tax. Planning early is essential. Consultation with an experienced estate planning attorney will ensure that your assets are preserved for your loved ones, rather than being depleted by state and federal estate taxes.

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