‘Tis the Season . . . to Review Your Estate Plan: A New Year’s Resolution That’s Easy to Keep
January 1, 2012
Gina M. Barry, Esq.
It’s time to make your New Year’s resolutions! Most resolutions are so cumbersome, they are impossible to keep. A simple resolution to make and keep is to review your estate plan. An annual review of your estate plan ensures that your plan remains current as there are many reasons that an update to your plan may be needed.
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 difficult, nor is it as expensive as you may think.
One important area to watch is the estate tax system. In 2012, you may pass up to $1 million to your heirs without incurring any Massachusetts estate tax. In 2012, you may pass up to $5 million to your heirs without incurring any federal estate tax. It appears that the state estate tax threshold will hold steady in the coming years; however, in 2013, the federal estate tax threshold will be reduced to $1 million unless there is an intervening amendment. ...
You may read more at the link below.
by: Gina M. Barry
Prime
January 2012
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