Estate and Gift Planning
A little planning can save thousands of dollars!
You can't take it with you, but failing to plan for your estate can mean that the government, rather than your heirs, may get the major portion of your hard-earned money. Over the coming years, the tax law gradually reduces estate and gift tax rates, and the exemption amount increases. The estate tax will be repealed in 2010, but the gift tax will be retained. Ironically, the estate tax will be reinstated in 2011 unless Congress acts to make changes once again. In the midst of these phase-in and phase-out provisions, a little planning can save thousands of dollars.
You may be surprised what your estate is worth. Add up the value of all your assets. Don't forget life insurance which may fall into your estate.