Estate planning is not just for the ultra wealthy. There may be several reasons for you to begin developing an estate plan immediately. Use the checklist below to assess your needs for an estate plan.
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Does the combined value of your estate and the gifts you have given throughout your lifetime exceed your remaining estate tax exemption amount1? |
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Do you care about who receives your assets at your death? |
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Do you wish to maximize the value of your estate? |
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Do you wish to minimize the taxes owed on your estate as well as the burden upon your heirs for paying them? |
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If you have minor children, have you decided who their guardian will be? |
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Do you want your business to continue on after your death? |
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Do you want your heirs to receive their assets in a controlled manner and when they are mature enough? |
If you answered "yes" to any of the questions above, then you should consider creating an estate plan sooner, rather than later. To learn more about estate planning and what is involved, visit the Estate Planning Concepts section.
1 The federal estate tax exemption amount is $3,500,000 in 2009. The highest federal estate tax rate is 45% in 2009. The federal estate tax will be repealed on 1/1/10 until 12/31/10. Beginning 2011, the federal estate tax will be reinstated with a federal estate tax exemption amount of $1,000,000 and a maximum estate tax rate of 55%. Congress continues to discuss and consider legislation that, if passed, could change the estate tax exemption and estate tax rates for 2010 and beyond.
The concepts contained herein are not intended to serve as advice and may have legal, tax and accounting implications. Consult your Attorney and CPA for advice.
For more information on this subject, and professional guidance in selecting the right kind and amount of insurance coverage, contact your insurance professional.
This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state or local tax penalties. This material is written to support the promotion or marketing of the transaction(s) or matter(s) addressed by this material. Pacific Life & Annuity Company, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
This material may be used in New York only.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company.
Insurance products are issued by Pacific Life Insurance Company in all states except New York, and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each company is solely responsible for the financial obligations accruing under the products it issues, and its product and rider guarantees are backed by that company’s financial strength and claims-paying ability. Variable insurance products are distributed by Pacific Select Distributors, Inc. (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company, and are available through licensed third party broker-dealers.
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