Why Have an Estate Plan?
The simple fact is, without any estate plan, Federal and State estate taxes could wipe out 35% to 50% of your hard earned assets. And, while planning is important, ongoing review and updating is just as critical, as taxes are based upon the overall value of your estate. As your income, real estate and business interests change, your estate tax issues also evolve.
It is never too early to plan. While your attorney will help you draft many of the key legal documents, your CPA firm should also be involved to help you make informed decisions that provide for your family while managing your estate tax exposure.
Beyond taxes, your Hunter Group CPA can advise you with regard to the benefits and drawbacks of trusts, gifting and insurance options available to help you either protect or transfer assets in a planned manner.
Estate planning ensures that your minor children will be raised by family or friends of your choice, not the courts. It provides a plan for enough liquidity to pay debts, preserve business interests and buy time while your estate is settled. It establishes who you want to handle your affairs, and can even help manage your affairs when you are ill but unable to act on your own behalf.
For more information, check out our tax planning page, or contact our Director of Tax Services, Ken A. Hofsommer, CPA with your questions.
NOTE: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this web site is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties assessed under the Internal Revenue Code. Hunter Group CPA LLC 17-17 Route 208, Fair Lawn, NJ 07410 Phone: 201-261-4030