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ESTATE PLANNING UPDATE Spring 2013

ESTATE PLANNING UPDATE Spring 2013. David M. Knasel, Esq. Dominion Business Law PLC Tysons Corner | Leesburg, VA www.dominionbusinesslaw.com. Disclaimer. Information presented is for general informational purposes only. It is not legal advice and should not be relied upon.

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ESTATE PLANNING UPDATE Spring 2013

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  1. ESTATE PLANNING UPDATESpring 2013 David M. Knasel, Esq. Dominion Business Law PLC Tysons Corner | Leesburg, VA www.dominionbusinesslaw.com

  2. Disclaimer • Information presented is for general informational purposes only. • It is not legal advice and should not be relied upon. • Every situation is unique. • Consult with an attorney for any specific case.

  3. Estate Planning Basics Estate Planning = planning for what will happen in the event of your disability or death and putting in place the necessary legal instruments to accomplish your objectives. Basic Components: • General (Financial) Power of Attorney • Advance Medical Directive & Health Care POA • Last Will Testament • Revocable Living Trusts

  4. Estate Tax Federal tax levied on assets that transfer upon your death Includes: • Personal Property • Real Estate • Investment and Retirement Accounts • Businesses • Life Insurance Proceeds

  5. Also known as the… “Death Tax”

  6. Estate Tax – THEN… Exemption: $5.14M Rate: 35% Includes “portability” 2012 2013 Exemption: $1M Top Rate: 55% No “portability”

  7. …AND NOW 2013 Exemption: $5.25M Rate: 40% “Portability”

  8. “Permanent”? After Before

  9. What does this mean? • Many fewer people will be subject to the federal estate tax, but… • State-Level Estate Tax • Non-Citizen Spouse • Many older estate plans may no longer be appropriate, or could be simplified

  10. Estate Planning Still Necessary • Provide For and Protect Family • Charitable Legacy • Income Tax Planning (401k’s, IRA, etc.) • Disability Planning / Medical Decisions • Children with Special Needs

  11. THANK YOU!

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