How Can I Reduce My Estate Tax Upon My Death?
Federal Estate Taxes are only charged against Estates with net values in excess of the amount set by the law in place at the time of the person's death. The values change from time to time. For example, the amount that exempt from Federal Estate Tax in 2004-2005 was $1.5 million ($3 million if married); $2 million in 2006 through 2008 ($4 million if married); $3.5 million in 2009 ($7 million if married) and then in 2010 there is scheduled not to be any federal estate tax.
If you think your Estate will exceed whatever the maximum net estate value is at the time of your death, then the assistance of a qualified estate planning attorney is highly recommended. There may be ways, for example, to reduce the value of your estate at death by making gifts throughout your lifetime, transferring assets to a spouse and taking advantage of any marital deductions, and other wealth transfer mechanisms. These are often complicated matters requiring the assistance of legal counsel.
Additional Wills FAQs
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Q:
What Is Estate Planning?
A: Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that would meet your specific wishes if … More -
Q:
Do I Have to Have a Will?
A: No, but if you do not have a will then your assets will be distributed “intestate.” What this means is that your property will be distributed to … More -
Q:
Does It Make Sense To Use An Attorney? Is It Expensive?
A: Only an attorney who regularly practices in the fields of wills, trusts, probate and estate planning is able to provide you with really sound legal advice as you put … More -
Q:
What if I Die Wthout Any Family?
A: If you die without any family (heirs) and without a will then your estate “escheats” to the state. What this means is that the state you live in … More -
Q:
When Should I Start My Estate Plan?
A: The only time that you can prepare and implement an estate plan is while you are alive and have legal capacity to enter into a contract. If you are unable to manage … More -
Q:
Do I Have to Give Property To Every Child?
A: No, you can “disinherit” any person you chose. However, the only way to disinherit someone is through the use of a will. It is also a good … More -
Q:
What Sorts Of Instructions Are Made As Part Of An Estate Plan?
A: An estate plan consists of one or more documents that set forth instructions. Some documents are used to control health care decisions, others control your property in … More -
Q:
What Is A Will?
A: A Will is a written instrument containing directions for how the property of the person making the Will (called the testator) shall be divided on his or her death. … More -
Q:
What are Some Typical Estate Planning Documents?
A: Several of the following documents are typically used as part of the estate planning process: A Will, sometimes called a Last Will and Testament, to transfer … More
Estate Planning Sub-categories
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Family Will
Living Will | Trusts |
