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Happy New Year from
the Law Office of Lorie L. Burch, PC
Happy New Year!
I hope everyone enjoyed the holiday season and are ready for a great new year!
Last year ended with some major changes to the estate tax laws. Congress voted to amend the estate tax exemption to $5 million/per person for the next two years. That means, if an individual passes away in 2011 or 2012, no federal taxes will be due if his or her gross estate value is below $5 million. Life insurance proceeds and retirement account values DO count against the exemption amount. While this is an extremely high amount, it is important to make sure you have the proper estate plan in place. Additionally, I strongly recommend that everyone work with their financial planner and CPA to address these important tax changes. If you aren't currently working with a planner or CPA, I'd be happy to make a recommendation!
As always, please feel free to contact me for additional information or with questions.
I hope you all have a wonderful 2011!
Your friend, Lorie |
