You may have heard that there are new rules on estate taxes as a result of the new tax law enacted in early 2013. Effective Jan. 1, 2013, the top tax rate on estates rose to 40% from 35%, but no tax will be imposed on the first $5.25 million of an estate (adjusted for inflation to $5.34M million in 2014). While this sounds high, and you may think that the estate tax doesn’t affect you or your family, you may be surprised. Estate planning should definitely be a priority.
Contact us now to discuss all your questions about estate planning and the steps you can take to minimize the potential estate tax burden to your beneficiaries.