Written by Bill Bischoff
Posted by Greg Lipinski
IF YOU'VE BEEN doing a little estate planning over the past few years, chances are you breathed a little sigh of relief when 2008 ended.
To be brutally blunt: Dying in 2009 is a less taxing event than dying in 2008 or earlier. That's because effective Jan. 1, 2009, the federal estate-tax exemption jumped to $3.5 million from $2 million. This improved $3.5 million break applies to anyone who dies in 2009. So you can shelter up to $1.5 million more ($3 million more if you're married) from any federal estate-tax hit than if you had passed away in 2008. Yup, this is morbid. But it's welcome news to your heirs.
That said, you need to be careful. This leap in the exemption could throw your estate plan out of whack. Without a careful review of your arrangements, part of your estate could be allocated in ways you didn't intend.
Click here to read on.
No comments:
Post a Comment