There is a lot of talk currently going on in Washington about the estate tax. Remember; however, the estate tax currently affects a very small and very wealthy number of Americans, with only the estates of about 2 out of every 1,000 Americans who die facing the tax.
Under current law, when someone dies the estate owes taxes on the value of assets transferred to heirs above $5.5 million for individuals, $11 million for couples. The Senate bill doubles those limits but does not repeal the tax. The House bill initially doubles the limits and then repeals the entire tax after 2023.
So, regardless of what changes are made to the law, it will have little impact on most everyone reading this newsletter. Estate planning is more about maintaining control over your assets during your lifetime, protecting yourself and loved ones in the event you become disabled and leaving your assets to your beneficiaries when you want to and in the way you want to (like protected from creditors and predators).Your life, your legacy is meaningful. To learn how to share that legacy through you estate plan, join us for our next “Truth About Estate Planning” workshop.