Estate Planning Not Just For The Wealthy

Chances are your family is not going to have to pay federal estate taxes if you died tomorrow. That is unless your estate is worth more than $5.34 million in 2014, since that is the exemption for an individual. It jumps to $10.68 million when married.

As such, you may wonder why you would need an estate plan.

There are lots of reasons, says an article on, written by a Pennsylvania financial advisor.

These include:

  • Many states impose their own estate taxes that kick in at lower levels then the federal tax.
  • Estate planning deals with issues that will affect you before you die. These include durable power of attorney, health care proxy and a living will. These help protect you and your assets if you should become incapacitated.
  • An estate plan ensures that your assets are distributed the way you want.

The article urges people to find an estate planning attorney and start by drawing up a will. However, a trust is also recommended to keep the proceedings out of probate court, a costly and time consuming process.

If you have estate planning questions, feel free to call us for a consultation at (626) 696-3145.

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