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Do I need to worry about estate planning?
Even if the value of your estate is below the exemption amount (currently $1,000,000), estate planning is important. Failure to plan may result in unintended consequences after your death. You may have certain items or assets that you want to be sure go to specific individuals or entities. If you are divorced and have a second family, you may want to ensure that your children from your first marriage are not disinherited. Perhaps you want everything to go to your favorite charity.
You should also examine your current net worth and estimate the effects of inflation. Even those with modest incomes may find that they are surprised when everything is added up. Don't forget to include the value of your home, your retirement plan(s) and any inheritance you expect to receive.
Working with your accountant and attorney, the Rosenbaum Financial team of specialists can frequently stimulate in-depth discussions that may reduce your estate tax liability and be sure that you provide the right things to the right people at the right time.
You can do a rough estimate of your estate tax liability using the Estate Tax Estimator. Click here.
Securities and advisory services offered through Ameritas Investment Corp. (AIC), member FINRA/SIPC. AIC and Rosenbaum Financial LLC are not affiliated. Licensed for insurance sales in CA, OR and WA. Licensed for securities sales in OR. This is not intended as an offer of services or a solicitation of sales in any jurisdiction where we are not licensed or the products described are not available.