August 18, 2009
So You Think Your Estate is a “Small” Estate?
You may not think you have a “small” estate after knowing the following.
Assets that are included in determining the value of your Estate may surprise you. Your gross estate for Federal estate tax purposes is a broad concept. It is not limited to probate property or by state tax exemptions. It includes all your property of every kind and nature, tangible and intangible, however acquired or owned, whether inside or outside the country. Ultimately, the first step in Estate Planning is taking an inventory of everything you own, such as:
1. cash, checking and savings accounts, CDs and money market funds;
2. stocks, bonds, mutual funds;
3. life insurance, employee benefits and annuities;
4. your home (regardless of homestead exemptions) and any other real estate, land and buildings,
furniture and fixtures;
5. business interests such as proprietorships, partnerships, limited liability companies, close corporations
and farm interests;
6. notes, accounts and claims receivable;
7. interests in Trusts and powers of appointment;
8. antiques, art work, collections, cars, boats, planes and personal effects
Most people do not have to be concerned with Federal Estate Taxes because most people do not have estates large enough to be subject to those taxes. The current Federal Estate tax exemption in 2009 is $3,500,000. But, if your networth (basically the value of the assets above minus any debt) exceeds $3,500,000, or may in the near future then estate taxes should be factored into your plans.
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