It may be the case that when the estate tax changes in the coming year that you and your estate planner will need to review your will and determine if it needs updating. At the present time there is no estate tax and it is unclear what Congress is going to do with the estate tax, especially with the upcoming mid-term elections.
A present issue involves the language a lot of wills include, as follows: “all of my property I own at my death shall pass to a trust equal to the amount which can be passed without estate tax with the remainder to go to my spouse.” At the present time, this language may not be necessary and it could disinherit your spouse.
The following article has a very good example of how people with over a million dollars in real and/or personal property and a family family business that is worth over a million dollars need to review their wills and determine if they need to see an estate planner.
The Roy Law Firm executes last wills and testaments and when necessary drafts the type of trust(s) our clients’ estate needs. Read the Roy Law Firm’s Wills, Probate, and Estate Planning Section.
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