The new tax law has definitely not changed the need for each of us to make and implement an estate plan. It has only changed the need for estate tax avoidance for those who are certain to die before the end of 2012.
The power of trusts can be a big motivator and can help you achieve your goals. Don’t sit around waiting to find out “what Congress will do” and hoping it will be good for you. Call us. We can help you understand where you are now, put together a team of qualified professionals, help you determine your needs and goals, work with you to create the plan you want and need, and help you put your plan in place.
Test Your Knowledge
1. With the new tax law, most families don’t need to do any estate planning. True orFalse
2. Rather than do any estate planning now, it is better to wait and see what Congress will do about estate taxes in the future. True or False
3. Most of us do not care if our assets pass to our surviving spouse’s new spouse.True or False
4. Most of us do not care about protecting our assets from our children’s immaturity, divorce and lawsuits. True or False
5. I don’t really need to do any planning. The state in which I live will make sure everything is distributed the way I want. True or False
6. The best way to plan my estate is to find someone who will write a will or living trust for the cheapest price. True or False
7. Assets kept in a trust are not protected from irresponsible spending, creditors or divorce. True or False
8. I should be able to have my estate plan finished in one quick meeting. True orFalse
9. It is always better to name my spouse as the beneficiary of my IRA. True or False
10. If I leave my IRA to a charity, the charity will have to pay taxes on it. True orFalse
11. After I have my estate plan completed, it is best to hide it and not tell any of my beneficiaries what is in it. True or False
12. There is no rush to use the $5 million gift tax exemption because it will be here for a long time. True or False
For the answers, sign up to follow the blog and I will send you an email.