'Tis the Season . . . to Review Your Estate Plan: A New Year's Resolution That's Easy to Keep
January 20, 2008
Gina M. Barry, Esq.
It's the time of year for New Year's resolutions. Most resolutions are so cumbersome, the maker of the resolution is unable to keep the resolution, which is self-defeating. A simple resolution to make, and keep, is to review your estate plan. Annual review of your estate plan ensures that your plan remains current as there are many issues that can make an update to your plan necessary.
Obviously, in order to review your Estate Plan, it is first necessary to have a plan in place to review. If you have not already established a basic Estate Plan, including a Last Will and Testament, Durable Power of Attorney, Health Care Proxy and Homestead Declaration, there is no time like the present to take action. Establishing a plan is not as difficult, nor as expensive, as you may think. In addition, the peace of mind that comes from establishing a plan is immeasurable.
Assuming you have established a plan, it is important to be aware that the federal estate tax threshold will change many times in the coming years; however, it appears that the state estate tax threshold will hold steady. A deceased person may pass up to $1 million to his heirs without incurring any Massachusetts estate tax. This same individual may pass up to $2 million to his heirs without incurring any federal estate tax. In 2009, the federal threshold will increase to $3.5 million. In 2010 only, the federal estate tax is repealed. Note well, however, that in 2011, the federal threshold returns to $1 million. ...
You may read more at the link below.
by:
Gina M. Barry
Download the full PDF version:
Life Stages
Areas of Practice
