You have to do some careful inventorying when you are making preparations for the future because of the realities of the estate tax. On the federal level the estate tax exclusion is $5.12 million right now, but it is going down to just $1 million next year. On the New Jersey state level the estate tax exemption is only $675,000, so you have to be ready to take action if your assets are in taxable territory. One question that people sometimes have is whether or not their life insurance policies … [Read more...] about Is Your Life Insurance Part Of Your Estate?
As the legal specialty of elder law expands and estate planning attorneys react to the evolving times, we are seeing new strategies emerge to address all of the eventualities of aging. However, there are some rudimentary elements of estate planning that are as important now as they ever were, and one of these is life insurance. When you recognize the need for a long term plan that will protect your family throughout your life as you prepare for retirement and beyond, the value of life insurance … [Read more...] about Life Insurance Is Still Important