After a few good screams and enough bite-size candy to last the rest of the year, Halloween marks the end of October. On November 5th, fall begins its slow descent into winter with the end of daylight savings time. Remember to turn your clocks back and enjoy an extra hour of sleep that night. On the 11th we celebrate Veteran’s Day, where we honor the service men and women who have selflessly served our country. Just a few weeks later, Thanksgiving is upon us. Thanksgiving is a special time to not only enjoy some turkey and cheer on your favorite football team, it is also a time to take pause and give thanks for all the abundance in our lives. I want to wish everyone a wonderful Thanksgiving holiday filled with good food and lots of memories with loved ones. I am grateful for the opportunity to serve you and your family for many years to come.
As always, if you have any questions, my office is only a phone call away. You can reach me at 617.299.6976 and by email at mkarr@maheritagelawcenter.com.
Estate Tax
QUESTION: President Trump has been considering overturning the estate tax. Should I wait until legislation is passed to revisit my estate plan?
ANSWER: The estate tax has been around since 1916. Despite being overturned many times, the tax has always eventually been reinstated. While the estate plan may or not be repealed, it can just as easily be reinstated in a few years. Additionally, most Americans don’t make enough money to qualify for federal estate tax under the current guidelines. Currently, the estate tax affects estates worth over $5.49 million. Married couples can pool their assets to be exempt up to almost $11 million.
While only a very small percentage of people have to worry about paying federal estate tax, additional state taxes frequently have lower exemptions. Massachusetts estate tax exemption is currently $1 million dollars and the tax rate can be high as 16%. Since estate tax considers the combined value of all your assets, keeping a close eye on your assets with a qualified estate planner is an important consideration in Massachusetts.
With the future of estate tax uncertain, it’s best to plan for today and meet with your estate planning lawyer often. With proper planning, it is often possible to avoid estate tax altogether. To learn more about estate tax and some strategies to avoid it, give us a call to set up a consultation today!
The Heritage Life Plan: Family Probate Service Discounts
Probate court can cause a lot of unexpected expenses. Probate is a time-consuming process and legal fees can often cost a few thousand dollars. Having an experienced estate planning lawyer by your side during the probate process can simplify the legal process, ensure the court is working in the estate’s best interest and possibly even expedite your time in court. The Heritage Law Center is pleased to offer probate service discounts to members of our Heritage Life Program.
Interested in knowing more? Contact us today.
Referrals
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