WHAT ABOUT DEATH (ESTATE) TAXES?

No one knows what is going to happen with the death tax.  It has fluctuated wildly over the past few years.  At present, estates under $5,500,000 (single) or $11,000,000 married do not pay a death tax.  This number is adjusted annually and could be substantially reduced by Congress.  

Estate tax rates are confiscatory maxing out at 47%.  The good news is that, for most people, it is relatively easy to plan around these impositions.  Sometimes the answer can be as simple as changing the ownership of your life insurance polices. Larger estates may need more sophisticated plans. 

Unless you want to take 47% of your estate from your estate and give it to the government, you need to look into some planning.  It is important that you plan now because most estate tax calculations look back to see what you owned three years ago.  If you wait to plan, you might have to wait three more years for your efforts to have any effect.