Law Offices of 
David C. Slade
 
Estate Management and Planning  
 
What Is Estate Planning?  For many years one of the principal factors in estate planning was trying to minimize or avoid the federal and state estate tax, commonly called death taxes.  Any estate whose value exceeded $600,000 was subject to federal estate tax.   Congress has recently amended this law, so that the following limits now apply:
 
2002 - 2003 
2004 - 2005 
2006 - 2008 
2009 - 2010		 $1,000,000 
$1,500,000 
$2,000,000 
$3,500,000
 
Thus little by little the tax factor in estate planning is shrinking.  Nonetheless, many people may be (pleasantly) surprised to find out that their entire estate is above these limits.  Until the estate tax is repealed entirely, the tax factor will remain.

Even then, the basic human issues -- caring for one's spouse, children and loved ones --remain the same.  Planning for your own care in your later years is also of prime importance.  Planning to minimize estate taxes should be only a secondary concern.  Estate planning should be done on the basis of your personal and family needs first, and tax accounting second.

If your estate is above the federal estate tax limits, you should consult with an Elder Law Attorney to determine whether a Trust would be beneficial to you.  There are many different forms of Trusts, of varying complexity and tax ramifications.    Trusts can be established that would not only benefit you, your spouse, your children or grandchildren, but provide certain degrees of tax relief too.   Consult with an Elder Law Attorney experienced in Trusts.

 

 
Contact us to discuss Estate Management and Planning for you.
 
 
 
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