National Estate Planning Awareness Week is October 15-21, 2012. It is estimated that over 120,000,000 of Americans do not have up-to-date estate plans to protect themselves and their families in the event of sickness, accidents, or untimely death.
Under the current law, the estate tax exemption is scheduled to drop from $5,120,000 in 2012 to $1,000,000 in 2013 and the estate tax rate is scheduled to go from 35% to 55% in 2013. Though it is uncertain that these changes will go into effect, it could mean that over 50% of your life’s savings could be sent to the government!
Careful planning not only minimizes estate taxes, but can prevent confusion and chaos among family members after death, avoids assets being tied up in lengthy probate at a time of need, prevents heirs from mismanaging money and may provide for special needs family members after you are gone. You may even want to leave your money to charity, something that needs to be carefully planned with an estate plan.
During this National Estate Planning Awareness Week, you should make it a point to contact your CPA and/or Attorney to discuss your personal situation. It is too important of an issue to ignore.
Contact your BKHM professional today - we can assist you with your estate planning!