Estate and Gift Tax Planning

A little planning can save thousands of dollars!

Most people don't like to think about death, much less plan for it. And since there is no legal requirement to do estate planning, many of us put it off. Yet the truth is that 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.

Estate planning is not just a task for the wealthy. Tax implications kick in depending on the value of your estate and the federal and state laws in effect at the time of your death.

The value of your home, your personal property, your business interests, 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.

Use our estate planning calculator to help you determine what your estate is worth.

Basic estate planning documents allow you to control the fundamental financial and personal decisions of your life and death. Here's a list of the essential documents that even the simplest estate plan should include.

Essential documents

Keep your original documents in a fireproof safe or with your attorney. Put your list of documents and the copies in a binder at home, and tell your personal representative (executor) where the binder is located.

Keep your plan current

Estate planning is an ongoing project. Review your plan and documents on a regular basis to ensure that they are up to date for current tax law and your personal situation.

Some gift tax planning possibilities:

If you'd like details about estate planning or assistance in developing or reviewing your estate plan, please contact our office. We're here to help.

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