Estate Planning Maze:
Estate Planning: While current federal estate and gift taxes (unified tax credit) have exempted many estates from paying substantial estate taxes, there are those who have built significant wealth and need to carefully plan to minimize estate taxes and to facilitate their wishes upon their passing.
Tax Law Changes Likely: As the U.S. federal government searches for ways to bring down both its deficit and related government indebtedness, there is a high likelihood that a wholesale re-writing of the tax code could be in the offing as a means of providing such additional revenues. A potential re-invention of the tax code could mean a substantial change the dynamics of estate planning.
Current Tax Options Available: Below is a rudimentary illustration of the a sampling of tools and options available for those possessing more complex situations (blended families, family businesses, charities, non-liquid assets, etc.) regarding their bequests.
Illustrative Proposes Only: The chart below is provided only for illustrative purposes and is not intended as legal advice nor as estate planning template. While care was exercised in its construction, there can be no guarantee of its accuracy. You should contact an attorney who has an expertise in estate planning prior to embarking on the conceptualization, development and implementation of an estate plan designed for your needs.
In connection with the GrowthIncome Group, Francomano and Francomano, P.A. (attorneys at law), can assist in the construction and implementation of these fundamental documents as well as assist in development, construction and documentation of more complex estate plans.