. . . "Now that the government has increased the estate-tax exemption to $5 million, do we still need a Living Trust?" The answer depends on what you want to happen to your estate (house, savings, life insurance money, retirement accounts, investments) if you die unexpectedly. A mainstream Living Trust can still provide: Protection for some (or possibly all) assets in the event of a lawsuit Safeguards so that children/grandchildren do not inherit too much, too soon Incentives so that a … [Read more...] about People Are Asking Me . . .
It was automatically repealed at year end when Congress failed to pass legislation to extend the tax into 2010. So, people are now joking that this is a good time to help multi-millionaire parents die. The tax rate was 45%. It is now 0%. Estate-tax professionals anticipate that the tax will be reinstituted but, for now, it is gone. … [Read more...] about THE FEDERAL ESTATE TAX IS REPEALED … for now