Late-Breaking news:
Click Here: http://www.nationalmssociety.org/news/news-detail/index.aspx?nid=2638




Good news, Bad news....

First, the good news ... there is no federal estate tax this year.  None.  It does not matter how large the estate, if someone dies during 2010, there is no federal estate tax due.

Now, the bad news ... unless and until Congress changes the law, the federal estate tax will return next year.  Worse, the tax will begin after the first million of estate assets.  When a home, retirement accounts, investments, property, insurance, etc. is added together, it is not difficult for many couples in the Fairfield-New Haven County area to top one million.  Worse still, once the tax does apply, the tax rate (the amount of taxes actually taken out of the estate) is higher than it used to be, so even more of the estate goes to the government.

While the law does not change until next year, now is the time to have your estate plan reviewed and updated.  Wait until the Fall, and it will be like waiting until April first to call an accountant for your taxes.  

 

Nothing is constant but death and taxes.  How you plan for them, however, changes.

Bookmark this page, and check in often, to keep abreast of the latest in estate law changes, as well as odd or interesting legal facts and trivia.

The Law Offices of Everett G. Sussman: 1485 James Farm Road, Stratford, CT 06614. (203) 378-4849. egsesq@optonline.net