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Non-Tech : Estate Planning
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To: posthumousone who wrote (24)4/2/1998 1:37:00 AM
From: Taxboy   of 36
 
If your taxable estate is less than $625,000 and you have not used any of your "Applicable Credit Amount" (the technical term for the exemption) by lifetime gifting, your estate will owe no taxes and no estate tax return will be filed. But alot of things that you might not consider assets are included in your estate. For instance, if you are the owner of a $500,000 term life insurance policy, that is part of your estate and with a little home equity and 401(k), you would owe estate tax unless you planned correctly. So the $625,000 can be a deceptive figure.
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