Estate and Gift PlanningA little planning can save thousands of dollars!
You can't take it with you, but failing to plan for your estate can mean that the government, rather than your heirs, may get the major portion of your hard-earned money.
Effective January 1, 2018 the estate tax exemption increased to $11,180,000 and will increase annually based on a cost of living adjustment. It is set to revert to $5,000,000 on January 1, 2026. So there is a short period of time to take advantage of this increased exemption by making gifts outright or in trust for your beneficiaries.
You may be surprised what your estate is worth. Add up the value of all your assets. Don't forget life insurance which may fall into your estate. If your total value exceeds the exemption amount, you should look into what a few simple planning techniques can save your family at estate time. In addition, there are some very effective estate planning ideas that can also cut your current income tax bill.
Even if your estate is under the exemption amount you may want to consider leaving your assets in trust for your beneficiaries to create divorce and creditor protection or provide special benefits to a disabled child, etc. There are many planning opportunites with the use of trusts.
Some planning possibilities:
For assistance with your estate planning, contact us.
Traylor, Gratton & Beaumont, LLC
1260 S. Federal Highway, Suite 101 Boynton Beach, FL 33435
(561) 737-7900 Fax: (561) 737-7924