What is the federal estate tax exemption?
The federal estate tax exemption (the amount you may leave to heirs free of federal tax) has been rising gradually and hit $3.5 million in 2009. The estate tax is scheduled to phase out completely by 2010, but only for a year. Unless Congress passes new laws between now and then, the tax will be reinstated in 2011 and you will only be allowed to leave your heirs $1 million tax-free at that time. 4. Where does one start? Taking inventory of your assets and your wishes is a good place to start. Your assets include your investments, retirement savings, insurance policies, and real estate or business interests – basically everything you own. 5. Should one have an attorney prepare their estate plan or do it themselves by purchasing an on-line, fill in the blank kit? Estate planning laws, tax laws and probate laws are very, very technical so it is best to have an attorney who looks out for your best interests. Employees of a document preparation business may not know the laws, and even if th
