The fiscal cliff is coming. What is it and how does it impact your estate planning decisions? The current estate tax table starts at 30% and quickly graduates to 45% of your total taxable estate. Again, this is what the law is today, and with all the talk lately of the need for money by the federal government, and thus far the lack of any legislative attention to the expiring tax law and the impending fiscal cliff, coupled with the uncertainty of the upcoming election, it appears that little action will be taken prior to January 2013.
The general purpose and use of family revocable trusts are to help an individual avoid the costs associated with the probate process, reduce and in many cases eliminate federal and state estate taxes, and ensure the proper disposition and control of their assets to their family members following their death. What are some other major reasons to do estate planning?