A simple will, just isn’t enough!
Your government wants two-thirds (2/3). Rocco Beatrice
You will need more estate planning under the new 2001 Tax Act. The dreaded phase-ins have created a double layer of laws affecting (1) estate taxes and (2) gift taxes all which will be repealed.
Estate Taxes is the only voluntary tax in the Internal Revenue Code.
You can avoid estate taxes with an irrevocable trust.
A will does not avoid estate taxes.
PLANNING FOR YOUR ESTATE
If you don’t “own” any assets in your name, you don’t qualify for the Probate Process and you don’t qualify to pay Estate Taxes.
What’s an Estate?
ESTATE…is about “what’s it worth?”The Fair Cash Value of anything (in your name) on the date of your death.
ESTATE TAXAnything in your estate (in your name) is taxable up to 55% for 2001 and slightly reduced thereafter under the new law.Anything NOT in your name, is NOT taxable.
PROBATE… is about “who get’s what?”Anything in your Trust, avoids probate.Anything NOT in your Trust, goes to probate , with or without a will.
TRUSTAn “artificial legal person” created by private contract, under contract law..
WILLA listing of your wishes to be executed on the date of your death.A will is NOT a substitute for a trust.A will does NOT avoid probate.