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Through our lives, we spend so much time worrying about making a decent living. Questions like, "Will we have enough for a new house? Can I afford that new car? Can I take that trip I've always wanted to take?"
Some traditional methods
of estate planning include:
These estate planning methods, while simple to implement, often fall short when discussing estates over $1 million. At that level, estate owners face a new variety of planning issues. One of the biggest
issues successful individuals need to worry about are estate
taxes.
For 2011 and 2012, Uncle Sam starts collecting taxes at the $5 million
level. Individuals with estates over $5 million are subject
to estate
taxes that soar up to 35%... and if you wish to leave money to grandchildren,
the estate taxes can reach almost 60%!
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But
the years pass. You've built up an estate, and achieved success. Your
focus starts shifting away from taking care of yourself, to ensuring your
loved ones are cared for after you're gone. That's what estate planning
is all about.
