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Biotech / Medical : New Brunswick Scientific Co., Inc. (NBSC)
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To: richardred who wrote (594)11/27/2002 1:02:19 PM
From: richardred   of 724
 
Estate taxes, otherwise known as "death" taxes, now start phasing out in 2002, and disappear completely in 2010, only to come back in full force in 2011. The phase-out is accomplished by increasing the estate tax exemption amount, which is the value of your estate that can pass to your heirs free of federal estate taxes. The exemption is now $1 million for 2002 and 2003, increasing after that to $3.5 million before the estate tax is repealed. This means that the estates of more and more individual taxpayers will escape estate taxation over the next ten years - almost 40% in the first year of phase-out alone. To get an idea of the magnitude of this change, consider that in 1997, the most recent year for which statistics are available, almost 43,000 estates paid over $16 billion in taxes.

The reduction and eventual elimination of estate taxes doesn't necessarily mean that you shouldn't think about setting up a living trust. Living trusts help to avoid costly and lengthy probates of estates, and while the value of your assets may not subject you to estate taxes, a living trust can ease the transition of your property to your heirs. Remember that these trusts alone do not save you estate taxes; you need to take certain steps to evaluate your estate and plan for the transfer of your assets to your heirs, especially if you're married. Traditional A-B trust provisions for married couples can be a valuable planning alternative. Consider investing some time and money in estate planning this year to determine what the best alternatives are for you.
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