Estate Planning: Who Will Inherit Your Assets?

Estate planning is the process of deciding how to best transfer your assets, during your lifetime as well as at death. Such planning is critical; without it you could lose a sizable portion of your estate to taxes. While avoiding unnecessary taxation is an obvious motive, perhaps a greater reason for estate planning lies in its ability to transfer your values from one generation to the next. This is your opportunity to define what wealth means to you: What do you believe in? How would you like to impact society? Who are the people and organizations you care about most?

It Could Happen to You
Anyone who dies with an estate of less than $3.5 million (2009 exempt amount) avoids federal estate tax, assuming they made no taxable lifetime gifts. Estate taxes are repealed in the year 2010 and then reinstated in 2011 with an exempt amount of only $1 million.

While you may think that amassing a $3.5 million estate remains unlikely, you may be surprised at the power of your assets. Many people hold highly appreciated assets, ripe for the benefits of estate planning. While it's never too early for you to begin estate planning, some day it could very well be too late.

Please call Julie Snyder at 716-862-1992, or e-mail us at jsnyder@chsbuffalo.org, for more information.

The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.