With all the talk about the future of the Bush tax cuts, one aspect of taxation that isn’t getting quite as much press is the reappearance of the estate tax.
As of January 1, 2011, the estate tax will once again rear its ugly head and take a serious bite out of your estate when it does.
If your estate is valued at $1 million or more (for individuals, not married couples), you can expect your heirs to be hit with a tax bill of 55%.
Here’s a quick and dirty list of things you need to seriously think about before January 1st:
1. Don’t Count On Congress.
2. Plan For The Worst Tax Rate.
3. Take Advantage Of Every Possible Loophole
4. Talk To Your Lawyer Now.
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