If you are not familiar with the laws regarding estate planning, it can be a complicated subject to say the least. Currently, there is a $5M exemption per individual, assuming you’re a US resident, under law. Therefore, if you are married, you can effectively get $10M out of your estate without incurring an estate tax. The question is, have you set your estate up in such a way to take advantage of the existing laws?
There are many ways to accomplish this. At Silverman Financial, we work very closely with estate planning attorneys to answer this question and potentially reduce the estate tax, if indeed this presents a problem to you. We also work with your CPA as a team to create a strategy to take advantage of the law to save as much income tax as you can possibly save. If you don’t have to pay the money to government and you can defer the income tax, you obviously are better off. The question is, what is the best way to accomplish this? As part of our exclusive IPRO, independent personal retirement overview process, we will work with your estate planning attorney, or we will recommend one to you along with your CPA in order to get your estate and tax planning in the right order.