When a new year rolls around, people often resolve to take care of certain responsibilities that they have been putting on the back burner. With this in mind, we urge you to schedule an estate plan review in 2021 if you have not looked at your plan in years. There are a number of different reasons why revisions can be necessary, and we will look at some of them in this post. Changes to Relevant Laws Your original estate plan is based on a snapshot of the circumstances that existed at the … [Read more...] about New Year’s Resolution: Schedule an Estate Plan Review
estate plan review
Reduce Taxable Estate With 529 Plan Contributions
The value of your estate can be dramatically trimmed down by the federal estate tax. During the current calendar year the estate tax exclusion is $5.25 million, and the maximum rate of the tax is 40%. We have a gift tax in place as well. This gift tax is unified with the estate tax. So this lifetime $5.25 million exclusion applies to the combination of the taxable gifts that you give throughout your life coupled with the taxable value of your estate. … [Read more...] about Reduce Taxable Estate With 529 Plan Contributions
