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 Do I need an Estate Plan?

 
Note: In all cases, when implementing an estate plan, legal advice is a must!

Anyone who owns property — a home, a car, a bank account, investments, business interests, a retirement plan account, collectibles, personal belongings, etc. — needs an estate plan. An estate plan allows you to direct how and to whom your property will be distributed after your death. If you have no estate plan at all, your property could be distributed according to your state’s intestacy laws without regard to family needs or your desires.

 As of Jan. 1, 2012 the federal estate tax exemption was indexed for the first time, so that for 2012, up to $5.12 million of an estate will be exempt from the current 35% federal estate tax. That's up from $5 million in 2011, meaning an individual could have left $120,000 more tax-free if he'd died on Jan. 1, 2012, instead of on Dec. 31, 2011.

State Estate Tax and/or State Inheritance Tax by State 

Estate planning is an ongoing process. For a young, single person, an estate plan may consist of simply a Will. A couple just starting out might have Wills and own a modest home and bank accounts in their joint names. When children arrive, naming a guardian and arranging to provide for them and your spouse in the event of unexpected death or incapacity become estate-planning concerns. And, once an individual starts to realize his or her financial goals, asset preservation and avoiding taxes become important factors in estate planning.

Although the Economic Growth and Tax Relief Reconciliation Act of 2001 phases out the estate tax — with full repeal slated for 2010 — in the interim, many people who consider themselves of comfortable means may still have estates that will be subject to estate tax at their deaths.

Moreover, repeal might be in effect only for one year. The Act contains a sunset provision that would cause the law’s changes to expire after 2010 unless Congress takes further action. So tax planning continues to have a place in estate planning.


NEXT  BUILDING AND CONSERVING YOUR ESTATE

Author’s note:  The intent of this article by termlifeamerica.com is to inform and motivate the general public into action.  One should consider only a qualified practicing legal individual or entity, in the state in which you reside, to establish properly drawn documents of this type.

Related:
SEE  Estate Planning Brochure


   
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TermLifeAmerica.com- Lewis Fink is licensed as an insurance agent offering Life Insurance in the following states: Alabama - AL, Arkansas - AR, California - CA, Colorado - CO, Connecticut - CT, Delaware - DE, District of Columbia - DC, Florida - FL, Georgia - GA, Idaho - ID, Illinois - IL, Indiana - IN, Iowa - IA, Kansas - KS, Kentucky - KY, Louisiana - LA, Maine - ME, Maryland - MD, Massachusetts - MA, Michigan - MI, Mississippi - MS, Missouri - MO, Montana - MT, Nebraska - NE, New Mexico - NM, New Jersey - NJ, New York - NY, North Carolina - NC, North Dakota - ND, Ohio - OH, Oklahoma - OK, Pennsylvania - PA, Rhode Island - RI, South Carolina - SC, South Dakota - SD, Tennessee - TN, Texas - TX, Utah - UT, Vermont - VT, Virginia - VA, and Wisconsin - WI.  


Not all insurance products from all insurance companies are available in all states.
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