Estate Planning is a complex area of law, with countless rules that can change from year to year. Staying on top of the latest changes is crucial to protect your money and your family. And it’s not just for the 1 percent. To the contrary, middle-income families can suffer the most without a good estate plan. Many overlook things like managing the the step-up in basis on inherited assets and income taxes, and changing beneficiaries. Come to a free workshop in February and March to learn 5 simple estate planning strategies to keep your money in your family. RSVP is required, call (720) 440-2774.
Wednesday, February 10, 1:30 – 3:00 p.m., Philip S. Miller Castle Rock Library, 100 S Wilcox St, Castle Rock, CO 80104
Monday, February 29, 12:30pm – 2:00 pm, James H. LaRue Highlands Ranch Library, 9292 S Ridgeline Blvd, Highlands Ranch, CO 80129
Wednesday, March 23, 6:00-7:30pm, Philip S. Miller Castle Rock Library, 100 S Wilcox St, Castle Rock, CO 80104
Tuesday, March 29, 6:00pm-7:30pm, Lone Tree Library, 8827 Lone Tree Pkwy, Lone Tree, CO 80124
Is your family’s estate plan current? Probably not. The fact is that a plan created just 1 year ago could be outdated. Consider these must-know facts
that will affect your family’s estate plan in 2016:
1. The lifetime gift and estate tax exclusion amount rises to $6.45 million in 2016.
2. The annual exclusion amount for gifts remains at $14,000.
3. For 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes. But the catch is your estate need to make an election to pass any unused exclusion amount to the surviving spouse.
4. The social security bonus most retirees overlook.
5. Don’t forget your local state’s gift and estate tax laws.
Five easy steps can help you protect your estate: (1) Know the rules, (2) Update your estate plan every year, (2) Draw up a current, iron-clad will, (3) Check your beneficiaries, (4) Check your medical durable powers of attorney, (5) Set up the right trust.
Also, consider whether you’ve divorced, remarried, gained stepchildren, have a child with a disability, have minor children, have a spendthrift son or daughter or their spouse, inherited a trust or other assets, lost a beneficiary, or need to change your medical or financial decision-makers and their powers. These are just a few of the many examples where an estate-planning “check-up” is needed every year.
Change is easier than it seems, take control of your estate before its too late. Start the new year off right. An RSVP to events is required: (720) 440-2774. If you are unable to attend the above dates, call for additional dates or for a personal consultation.
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