"Why do I need an estate plan? The government increased the exemption
so none of the inheritance I/we leave will be taxed...right?"
This very valid question is one that many of us are asking ourselves given
the recent changes in the Federal Law. I think that the best way to answer
this question is to explain what estate planning really is, and to note
a couple of pitfalls that may arise if we rely on the recent changes in
Federal Law in making our estate planning decisions.
So without further ado...
here are 5 reasons an estate plan can help you regardless of how much of
an inheritance you are leaving to your loved ones:
Estate planning helps you
maintain control of your property while you are alive regardless of your age, health or
A properly executed Estate Plan will provide
your instructions for how
you want take care of both you, and your loved ones in the event of a disability
Estate Planning will help ensure that you can
give what you have to who you want, when you want, and the way you want
A well thought out and regularly reviewed Estate Plan can help
protect you from changes in the Law that affect the taxation and protection of your assets
keeps you and your loved ones safe from unnecessary court costs, professional fees, and taxes to the State
(some States have a "death" tax that may be due even if you
are exempt from Federal taxes).
As you can see, Estate Planning is a lot more about people and how you
want them to be taken care of than Federal tax laws. Empower yourself
by taking the time to review your estate plan for these objectives. If
it is worth your time to make certain your estate plan achieves your goals,
then reach out to a Connecticut
Estate Planning Attorney to help you through the process.
Contact us today by clicking here or by calling
(203) 651-5521 to schedule your consultation