How,does,the,estate,tax,repeal law How does the estate tax repeal affect my Last Will and Testa
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How does the estate tax repeal affect my Last Will and Testament The estate taxes are actually imposed at both the federal level and the state level as well. Essentially these taxes are what your beneficiaries and heirs will be subject to once you pass on. So for example lets say that you have accumulated a great deal of assets and have an attorney create your Last Will and Testament. In your Will you designate that the majority of your estate will go to your spouse and the remainder will actually go to your brother. Well, the way that the tax laws are structured is that the surviving spouse will actually not be subject to any sales tax. This is just something that Congress believes that is significant and important in order to protect the surviving spouse from taxes. However, the brother that you leave the remainder of your estate to actually will be completely subject to the estate taxes. It was decided by Congress that in 2010 there would be a complete repeal of the estate tax. The reasons for them doing this is actually not clear but its tax implications on the Last Will and Testament is huge. Essentially, whoever passes away in 2010 their beneficiaries and heirs will not be subject to estate tax. However, once 2011 comes around then the estate tax comes back again. So if your Will was created prior to 2010 and also you pass away in that year then what will happen is that your estate will be completely sheltered from estate tax. Once the tax actually comes back it is usually advised for individuals is to utilize the services of an attorney in order to utilize the latest in tax saving strategies in order to reduce the amount of tax that will have to be paid to both the state and federal government. The Will is actually created by a Maryland attorney who in turn will listen very carefully to exactly how you would like your estate divided up upon your passing. So lets say for example there is a situation where you want part of your estate to go to specific person and the other portion to another individual, by utilizing this legal document prepared by a Maryland attorney you can very easily avoid all of the litigation and legal costs that may occur if you do not have a Will. The process is very straightforward and simple if you retain a qualified Maryland Attorney to prepare it for you. If there is a Maryland will with clear language that lays out exactly who should receive the assets then the courts will really not need to look at the facts and circumstances of each case. On the other hand they can simple refer to the will which was prepared by a Maryland Attorney in order to determine exactly who should receive the assets. This will help to avoid a lot of costly litigation and legal costs that occurs when there is a dispute about the division of an individuals estate. Otherwise the heirs of the estate who believe that they are entitled to the assets will have to hire their own probate attorneys in order to recover what they believe belongs to them. This of course carries a lot of litigation costs and attorney costs that could have easily been avoided by utilizing the services of a Maryland Attorney to create your Will.
How,does,the,estate,tax,repeal