What Are the Most Important Estate Planning Issues?

There are a number of important issues to consider when you are devising your estate plan. Each situation is different, and as a result, there is no one-size-fits-all plan. You should understand all the facts and work with a licensed estate planning attorney to create a custom crafted plan that ideally suits your needs. Let s look at some of the most important estate planning issues that can enter the picture. Taxation You have to be aware of the potential for taxation when you are planning your estate. We have a federal estate tax in the United States, and it carries a 40 percent maximum rate. There is also a gift tax, so you cannot give gifts while you are living to avoid the estate tax. There are no taxes on asset transfers between spouses, but transfers to others are potentially taxable. During the current calendar year, there is a $5.43 million estate tax credit or exclusion. This is the amount you can transfer before the estate tax would kick in. We practice law in Connecticut.
http://www.preserveyourestate.net/important-estate-planning-issues/

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