Updating Your Estate Plan is Important, Especially in 2014

In the past several years there have been some significant fluctuations in estate planning and estate tax laws. In the beginning of 2013, Congress and the president came to an agreement over the fiscal cliff that included terms that effectively stabilized the estate, gift, and generation-skipping tax levels. Because of this, it’s very important for you to take a good look at your estate plan in 2013, especially if it has been several years since you updated or revised it. Individual Exclusions The new estate tax agreement allows each individual to exclude up to $5.34 million from estate tax consideration. This means that if you are a married couple you can, with proper planning, exclude $10.68 million from estate taxes. This is a very high amount, and one that is significantly higher than it had been in years past. Gift Tax If you have an estate larger than the $10.68 million exemption limit you can still conceivably avoid estate taxes by taking advantage of individual lifetime gif


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