We held a terrific workshop a few weeks ago at Race Lane restaurant in East Hampton, NY. Many people were unaware that once they go over the threshold once estate taxes return next year, their highest margin for federal and New York State estate taxes could go up to 71%. So, for each $100,000 that you managed to save, $71,000 goes to the government. It's even worse if the funds are in a traditional IRA, 401K or pension. Those funds are also subject to income tax. Your beneficiaries could be paying at a 40% or more combined federal and NY State income tax rate on those funds. So, they could effectively be costing your heirs MORE MONEY THAN THEY RECEIVE.
You need to educate yourself, assess your situation, plan carefully and act!
