When was the last time
you thought about your estate plan? New government
regulations are constantly changing the way that we should plan for the
future. The American Taxpayer Relief Act
that was enacted last year reduced the number of US residents that are
subjected to federal transfer tax. Here
are a few techniques and strategies that shouldn’t be overlooked when planning your estate.
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| Source: Wikimedia |
Estate Planning Tips:
- Reexamine – Estate tax is no longer applicable to many people. If you completed your estate plan before the American Taxpayer Relief Act, you should reexamine the document to make sure that your plan is effective.
- Focus on Income Tax – Many who were once subject to federal estate tax are now exempt. The focus for many should be on income tax, rather than federal tax.
- Catch Mistakes – It is always important to take another look at your estate plan to make sure that your finances are in order.
- Discuss with Family – Unfortunately, many of us are unable to manage our assets properly as we age. It is important that your children or trusted family member understands how you want to manage your assets.
The Law Offices of Louis D. Stober Jr. are
experienced in all aspects estate planning. Our experience, combined with our
successful track record makes us Long Island’s premier law firm. Contact
our office for a consultation by calling 877-791-8076. You can also like
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