Do you need to worry about the Estate Tax? For the past decade the Estate Tax has been a hot-button political issue in Congress. The federal Estate Tax briefly went away in 2010 but came back this year with a vengeance. But for all the political and media rhetoric, is this really something you need to concern yourself with? For most of us, the answer will be "no" — at least when it comes to the federal Estate Tax. Under current law the first $5 million of a person's estate is exempt for federal Estate Tax purposes. But a number of state governments impose their own estate taxes at far lower thresholds. In Maryland, for example, the state estate tax applies to any estate with over $1 million in assets. In many cases that figure can be reached with just a home and a few stocks. And while the estate tax generally permits an exemption when leaving assets to a spouse, you will still need to plan for the death of the second spouse, when his or her estate will be fully subject to any estate tax. A qualified estate planning attorney can help you minimize the risk of federal and state estate tax liability. There are a number of estate planning tools, including making gifts during your lifetime, Living Trusts and charitable trusts, that can affect the size of your taxable estate. Experienced estate planning attorneys Greensboro NC of the Law Offices of Cheryl David offers estate planning and business planning resources to residents of Greensboro NC. To learn more about these free resources, please visit http://www.cheryldavid.com today.
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