Estate Planning

Passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 has fueled much debate regarding the possibility that the estate tax, or "death tax", may be permanently repealed. Under the Act, the estate tax will be gradually reduced and then repealed in 2010.

However, unless this legislation is re-enacted by Congress, the provisions repealing the estate tax will be rescinded in 2011 - in other words, the estate tax rate of 55% that was in effect prior to the 2001 Act would be reinstated for estates worth $1,000,000 or more. This bizarre scenario leaves the future of the estate tax on the floor of the U.S. Congress awaiting further action.

But while the estate tax debate works its way through Congress, there is no reason to sit on the sidelines. Charles A. Randall, P.C. can help you develop a long-term strategy regardless of how much you project that your final estate will be worth.

The amount of tax you pay on gifts made during your lifetime and on the value of your estate is determined by calculating various deductions, exclusions, and credits. Some of the estate planning tools that may help reduce your tax liabilities include lifetime gifts, charitable giving, provisions in wills and trusts, life insurance policies, securities, ESOP's, IRA's, 401(k) arrangements, and pension plans.

Since Charles A. Randall, P.C. does not sell any insurance or investment products, planning strategies are based solely on your specific needs and goals.