Good Morning Gentle Readers,
Many Americans really are the millionaire next door and you are probably wealthier than you realize. Most of us haven't given much thought to Estate Taxes or the planning we need to do for our eventual demise.
This process can be complicated, deceptive, intimidating, or downright ugly. The Estate Tax rates are steep but there are also provisions allowing for some accumulation of wealth to escape taxation. We can further enhance our ability to keep Uncle Sugar out of the cookie jar with careful planning. This becomes increasingly important as we get closer to 2011, when the Estate Tax provisions are scheduled to revert back to what they were a decade ago. Oh sure, CONgress may act to change them, but one can't be too sure.
SmartMoney.com has an excellent discussion of Estate Taxes here. There is a slick little calculator that allows you to calculate your potential exposure. Pay careful attention to You've Gotta Start Somewhere. None of this is lite reading but if you look at it carefully it really won't take you long to familiarize yourself with what you face and the steps you can take to minimize the tax bite.
Those who own successful businesses, real estate investments, or large investment portfolios are particularly vulnerable to Estate Tax.
Read It Today.