Contryman's Business Tips

Estate Planning

With changes to federal estate tax laws expected soon

Federal estate taxes and inheritance taxes can be devastating to small businesses, farmers and moderately well-off families, to name a few. However, with proper planning those taxes can be eliminated, or at least effectively managed. Additionally, a good estate plan will provide for goals to be efficiently and expediently accomplished at your death, with the end results as you planned.

While the federal estate tax was repealed for the current year, in 2011 the estate tax will be reinstated to 2001 rates unless Congress acts to change current law. We expect that Congress will reinstate some form of estate tax this fall. We will keep you informed as those changes are signed into law. We recommend that you meet with your Contryman professional about estate planning now so we can put a plan in place when the estate tax issue is decided.

7 Common Questions about Estate Planning

Why do I need an estate plan?

What is involved in developing an estate plan?

How much planning does my estate need?

What is my estate worth?

What is my exposure to estate and death taxes?

Is my estate in order?

Will my current estate plan accomplish what I want to happen at my death?

How can I benefit from estate planning services offered through Contryman Associates, P.C.?

We can help answer these questions for you!

Outline of Typical Estate Planning Project

We will ask you to provide the following information:

A personal financial statement listing assets and liabilities, and their current values
How each item is owned (jointly, by one spouse only, etc.)
What you have for life insurance and retirement plans
Your current will or trust documents
Goals you have for your estate

Then our estate planning professionals will do the following:

We calculate your current exposure to estate and inheritance taxes.
We develop some options to help you accomplish your goals for your estate.
A meeting or meetings are set to assist you in analyzing these options.
An estate plan is completed that best meets your goals and with which you are comfortable.
A meeting is set with your attorney to discuss the estate plan and begin the implementation process.

In future years, we periodically review your plan to make sure it continues to accomplish your goals.

Contryman Associates, P.C. has been providing tax and accounting services in Nebraska since 1939. Our continued success is based on our ability to help our clients achieve success. To learn more about our estate planning services and other services we offer, click the link below: http://www.capc.com/ca/serviceprofiles