Mt. Kisco Tax & Monetary Services Group Inc

50 Main Street

      Mt. Kisco, NY 10549

   Tel: 914-244-4400

    Fax: 914-244-0088

Branch Office

Somers, NY

10589

  Tel: 914-276-7878

We Do

ESTATE PLANNING OVERVIEW

If you think estate planning is only for the very rich, you're wrong. Certainly larger estates are subject to large taxes, but taxes are only one reason for estate planning. Here are seven more, some of which may be more important to you:

1. Plan who receives what size share of your assets.

2. Decide how and when your beneficiaries will receive their inheritance or income.

3. Decide who will manage your estate (executor, trustee, etc.) and be responsible for distribution of the assets.

4. Reduce estate administrative expenses and delays.

5. Select a guardian for your children.

6. Provide financial management for funds that may pass to grandchildren.

7. Provide for the orderly continuance or sale of a family business or investment real estate property.

If you don't have a plan, state laws will determine who inherits your assets and when they receive them. The court will appoint a guardian for your children and the administrator for your estate. Your estate could wind up paying a substantial amount of unnecessary taxes and administrative costs,

WHAT ABOUT TAXES?

Settlement expenses and probate costs are an important aspect of estate planning. So are federal and state taxes. While taxes aren't the only estate planning consideration, because they can be so expensive, they are an important one. If your taxable estate exceeds $625,000, your estate is subject to marginal tax federal rates starting at 37% and going as high as 55%. A $2 million taxable estate would be subject to estate taxes of close to $600,000. After 1998, the minimum subject to federal estate taxes is scheduled for small annual adjustments.

The size of your estate is increased by the death benefit of all life insurance you own as well as any court settlements payable as part of a "wrongful death" action.

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