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ESTATE PLANNING SMARTS Now or Later?
The increase in the estate tax and generation-skipping transfer tax exemption to $5.43 million ($10.86 million per couple) should compel some people to radically change their estate plans. Others can leave well enough alone. This self-test will help you determine which category you’re in. It’s not a substitute for consulting your lawyer but will give you some idea of how soon to make that appointment.
f1. How old are you?
a. <40
b. 40-50 c. 51- 60 d. 61-75 e. >75
2. Describe your health.
a. Good or excellent b. Fair
c. Poor
d. Terminally ill
3. Are you married?
a. No b. Yes
4 points 6 points 8 points
10 points 20 points
0 points
5 points 10 points 50 points
0 points 10 points
4. What is your estate worth, including insurance and retirement plans?
a. <$5.43 million
b. $5.43 million-$10.86 million c. >$10.86 million
5. When did a lawyer last review your estate plan?
a. Less than five years ago
b. More than five years ago
c. I have not done an estate plan
0 points 10 points 8 points
6 points
8 points 40 points
fSource: Gideon Rothschild
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