Estate Planning

The greatest accumulation of wealth the world has ever seen will be passing from the WWII generation to the boomers over the next 30 years. In fact, a Cornell University study predicts that at least $10Trillion dollars will be left to heirs between now and 2040. This is a critical time for everyone. If you're a boomer, you should be working hard to hold onto every cent accumulated by the previous generation. If you're from the WWII generation, "the greatest generation", you should be planning to ensure your wealth goes to your children and grandchildren, not the US government. Do you have a will? Power of Attorney? Advanced Medical Directive? Living Trust? Are YOU going to pay $100,000's to the US Govt in estate taxes simply because you failed to plan? Get our publication: Estate Planning with Living Trusts today.
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Basics

The Economic Growth & Tax Relief Reconciliation Act of 2001 changed Estate Planning dramatically. And once again, in 2010 Congress changed it again.

Keep in mind that prior to 2001 if the value of your assets at death was greater than $650k you would owe about 45% tax on every dollar above the exclusion.

During the period 2001 through 2010, Congress allowed the exclusion to rise. In 2010, Congress fixed the exclusion at $5million for years 2011 and 2012. So, if your assets at death exceed $5million, you will pay about 35% tax on every dollar above the exclusion. Some basic planning can help. Also, you should become familiar with a new concept introduced by Congress called "portability" of your tax exclusion.

If you want to at least cover the obvious basics, every person should have a will, an advanced medical directive, and a durable power of attorney. Warren Financial can help you setup Trusts and Foundations to ensure that your legacy will last. Call us to discuss.

Learn More about the following subjects

• Issues about Wills and Probate
• Power of Attorney
• Advanced Medical Directive a.k.a. "Living Will"
• Living Revocable Trusts
• Charitable Remainder Trusts
• Charitable Lead Trusts
• Generation Skipping Trusts
• Irrevocable Life Insurance Trust
• QTIP Trust