Successful Families Must Employ Wealth Preservation Strategies
Once you have reached your financial objectives you may feel as though the hard work is behind you.
However, if you want to preserve your wealth for the benefit of your loved ones there may actually be
some significant work that still needs to be done when you are planning your estate.
The federal estate tax looms, and it can have a truly devastating effect on your legacy if you do not take
the appropriate actions. This tax will be carrying a maximum rate of 55% next year, and no, that is not
You may feel as though you are successful but not genuinely wealthy so you don't have to worry about
the estate tax. In fact, imposition of the estate tax is not confined to billionaires.
Beginning in 2013 the estate tax exclusion will be just $1 million.
To provide a very simple example, suppose you have $2 million in resources and you pass away next
year. If you did nothing to gain estate tax efficiency $1 million could pass to your heirs tax-free.
However, the second million dollars would be shaved down by 55%, and your $2 million legacy would
shrink to $1,450,000.
And of course this asset erosion can continue when your children are passing on their assets along with
assets that they inherited from you to their children.
As you can see, action is required if you want to protect your legacy. A good estate planning attorney
can assist you as you position your assets optimally with estate tax efficiency in mind.
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers
estate planning and business planning resources to residents of Indianapolis IN. To learn more about
these free resources, please visit http://www.frankkraft.com today.