Estate Planning for the 99%
Are you in the 99% of Americans who don’t have to worry about estate taxes? In 2023, you can pass $12.92 million to your heirs without worrying about paying any federal estate tax. For a married couple, this means they can pass over $25 million to their family with no federal estate taxes! So does this mean that you don’t need to worry about your estate plan? The answer is NO! For many Americans the focus has shifted from estate tax planning to asset protection planning and income tax planning. You can incorporate asset protection and income tax strategies into your estate plan to make sure your estate is preserved and that your family is protected from creditors and predators. And remember the current federal estate tax exemption is scheduled to “sunset” at the end of 2025 if Congress does nothing. If that happens, the estate tax exemption level will drop to $5 million per person adjusted for inflation, and estate taxes may once again become a focus for many Americans.