Death & taxes are two things we ALL must face. And in the USA, there actually is a death tax, called the Estate Tax, which is based on the value of the assets you own at the time of your death. The amount that can escape Estate Taxes has changed from $60,000 to $3,500,000 during my 38 year career. In 2010, there is NO Estate Tax, but our friends in Washington have vowed to reinstate the Estate Tax and make it retroactive to January 1, 2010.
Do you have an Estate Tax issue? Word on the street is that Congress is considering an amount exempt from Estate Taxes at $3.5 million to possibly as much as $5 million. You might be surprised at the size of your estate once you add the value of all your assets. After all, your estate includes everything you own—-life insurance at face value, 401k plan, IRA, CDs, checking accounts, savings accounts, brokerage accounts, home and furnishings, other real estate, jewelry, art, gun collections, coin collections, automobiles, boats, etc.

Our Trust Department personnel knows the current Estate Tax laws and how to help you avoid or minimize Estate Taxes at your death and later at your spouse’s death. Come visit with us for a will review. Even if you don’t have an Estate Tax issue, we may find ways to help you get your assets to your beneficiaries in the form that will help them most. That may be delivery of the assets to the beneficiaries outright with no tax consequences or it may be protecting your loved ones from scam artists, in-laws, or themselves. We have the experience and we can help.

About the Author

Roger Goss
Senior Vice President- Trusts, River City Bank