How Do New Estate Tax Rules Affect You?
You may have heard that there are new rules on estate taxes as a result of the new tax law enacted earlier this year. The top tax rate on estates rose to 40% from 35% as of Jan. 1, 2013, but no tax will be imposed on the first $5.25 million (adjusted for inflation) of an estate. While $5.25 million sounds like a lot, and you may think that the estate tax doesn’t affect you or your family, you may be surprised. Estate planning should still be a priority. Contact us now to discuss all your questions about estate planning and the steps you can take to minimize the potential estate tax burden to your beneficiaries.