Estate Planning 2012: There's Still TIme, But Not Much!

With the clock counting down on 2012 there is no time to be wasting when it comes to your estate litigation. Tax exemptions and tax rates are set to change and it will most likely not be for the better. But all is not lost. Luckily, there are still options available to you, but you had better get started because the end of the year is quickly approaching.

Have you considered purchasing a life insurance policy in the name of your irrevocable trust? One of the simplest things you can do to avoid estate taxes, that monstrous rate of 55% set to attack in 2012, is to purchase the life insurance in the name of your trust as opposed to your own name. If you do this, upon your death the insurance proceeds will go directly to the beneficiaries without incurring estate taxes. Just like that you've saved your estate thousands, possibly millions, from being lost to the government.

If you have an existing policy owned in your name, you may want to look into transferring ownership of that your trust. If you don't have a irrevocable trust, what are you waiting for? There are only a few months left in this year and the longer you wait to visit your professionalestate litigation Attorney, the less likely your estate plans are going to be in place by the end of this year.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.

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