Many younger Americans, even though they have managed to buy a home and acquire a number of other assets, remain unfamiliar with estate planning issues. A survey conducted by Fidelity Investments reveals that many Americans between the ages of 30 – 49 do not know some of the key issues and strategies for managing their assets.
61% did not know the maximum amount you can give annually in gifts without having to pay federal gift tax. Do you know that the amount for 2009 is $13,000 per person to each individual?
80% did not know what the maximum value of your estate can be to avoid federal estate taxes. Correct answer – $3.5 million in 2009.
78% were not familiar with the benefits of a living trust. If you are a regular reader of this blog, you probably know that a properly drafted trust will avoid probate, minimize estate taxes, set up trusts and guardians for your minor children, and even take care of your pets.
Other issues that many people do not know about are the purpose for an Advance Health Care Directive and even who inherits their property if they die without an estate plan. Can you answer these questions?
Younger Americans today are acquiring wealth at a faster pace than their parents or grandparents making it more important that they have a better understanding of estate planning. If you need help in understanding estate planning issues or would like to learn how an estate plan can benefit your family, calll us at Law Office of Scott C. Soady, A Professional Corporation.