Your Estate May Not be Taxable?
2010 Tax Act does let you pass $5 million to beneficiaries without tax--but only until January 2013 when the $1M exemption kicks in absent new legislation. In addition, for deaths in 2012 or 2013 you can combine exemptions with our spouses to get to $10 million to pass tax free.
The Tax Act does not plan for our own incapacity and eventual deaths and our children's futures-key attributes of estate planning.
| Still need to: - Appoint guardians for your minor children
- A successor medical decision makers
- Appoint someone trustworthy a fiduciary to be trustee, executor and agent of your durable power of attorney
- Appoint your beneficiaries
- Consider using a family trust for asst protection
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