Where there is a will - and more - there's peace of mind.
By: Brandpoint - January 17, 2017
Changes in federal estate tax law have significantly increased the amount at which federal estate tax is triggered, says Robert Fishbein, a vice president and corporate counsel in Prudential Financial's Tax Department.
The individual exemption is $5.49 million (2017 amount, indexed for inflation) so a couple can accumulate almost $11 million dollars of assets without federal estate tax depleting the value.
That said, Fishbein adds, there are compelling reasons for having an estate plan, and three core documents you’ll need to create one: a power of attorney, a living will or health care proxy, and a will. In this article, Fishbein describes these core documents and how you can use them.
Power of Attorney
** Disclaimer Required by IRS Circular 230** Unless otherwise expressly approved in advance by the undersigned, any discussion of federal tax matters herein is not intended and cannot be used 1) to avoid penalties under the Federal tax laws, or 2) to promote, market or recommend to another party any transaction or tax-related matter addressed.