Business Center

Center for Business
& Estate Planning

Estate Planning

Consider the Issues

If you leave a legacy today of more than $3,500,000 to anyone other than your spouse (even to your children) the marginal federal estate tax rate is 45% in 2008 (and 2009)*. When you consider the value of your home, retirement plan and life insurance, you can easily exceed that number. In addition, many states now have separate taxation due upon death as well.

The primary purpose of estate planning is to ensure an orderly transfer of property to whomever you see fit. Without a strategy to accomplish this, your heirs might encounter problems including an inappropriate distribution of your assets, who will care for minor children left in the hands of a court, settlement costs and administrative fees that deplete the value of your estate.

  • A common error people make is to assume that estate planning only refers to dying. In fact, an important part of estate planning is to take the appropriate steps to ensure management of your financial affairs if you become disabled or terminally ill.
  • Giving gifts - either to loved ones or to a charity - is not only fulfilling, but also an important strategy for maximizing your legacy. Charitable giving techniques can potentially eliminate capital gains taxes and/or lower your income and estate taxes.

Learn more about Trusts and how to protect your legacy with our Trust Services.

* Pursuant to the Economic Growth and Tax Relief Reconciliation Act of 2001, the “exemption amount’ (the amount sheltered from estate tax but not gift tax) is supposed to continue to increase through 2009 ($3.5 million), after which the estate tax itself is scheduled for elimination. This may not occur.

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