Though many people know that they should take action regarding estate planning, few actually take sufficient measures to meet their goals. Many individuals fail to take the simple step of executing a Will and those who have a Will, fail to review it every couple of years to make sure it achieves the individual's desires.

The following are facts which you should consider when contemplating an estate plan:

• Everything you own is part of your estate.
• Do not underestimate your assets. When you add up the value of your home, investments, retirement plan benefits, life insurance policies and other personal property, you can quickly exceed the point where estate taxes must be paid.
• If you leave everything to your spouse, you may lose the opportunity to use the Unified Credit, which presently allows you to pass up to $675,000.00 to heirs free from estate taxes.
• Assets that are held jointly by husband and wife cannot be used when qualifying for the Unified Credit.
• Life insurance policies held in your name are taxable in your estate.
• Revocable living trusts do not reduce estate taxes.
• If you have established a revocable trust, make sure the trust has been funded.
• Estate taxes are due within nine months of death.

Please consider these points when reviewing your estate plans. If you would like to discuss these matters further, do not hesitate to contact us.