Partnering For Your Future™.
Your Estate and Taxes
As you evaluate the size of your estate, by necessity, your thoughts will turn to taxes. The two are inextricably intertwined, sometimes in very complex ways. Once an estate surpasses the per-person applicable exclusion amount of $2,000,000 (for 2008), federal estate tax rates climb rapidly, to as high as 45%. The amount you can transfer tax free at death will increase to $3.5 million in 2009, and in 2010, the federal estate tax will be repealed for exactly one year. Unless Congress takes further legislative action, in 2011, the estate tax will return at levels in effect prior to 2001. Take steps now to plan an effective strategy to help minimize the estate tax burden for your heirs.
Copyright © 2008 -- Liberty Publishing, Inc. All rights reserved.
Gene G. Stern, CLU®, CRPC, CFP®
President
805 Executive Ctr Dr W
Suite 120
St Petersburg, FL 33702

ph: 727.369.1512
fax: 727.578.4024
toll free: 800.232.3653

Gene.Stern@LFG.com

Life Goals: Financial Essentials For Your 50s

Here are several financial steps you may want to consider taking right now:


1. Evaluate and update retirement plans.

Decide where and how you want to live after your retirement and explore your financial needs to meet these goals.

2. Diversify your investments.

Evaluate your retirement savings and expand your investment options, if needed, to balance future growth with current income.

3. Think about long term health care.

Plan your savings and insurance to protect yourself or your spouse should either of you require health care for an extended period.

4. Review business agreements and transfer plans.

If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.

5. Re-evaluate insurance needs.

Review coverage for disability and life coverage in light of possible retirement plans and grown children; consider umbrella liability coverage.

6. Review estate plan.

Work with an advisor to develop or review a plan for your property and assets, including your Will, trusts, liquidity of assets and gifting.

7. Review and revise Will and Living Will.

Changes in your family or other circumstances make it important to regularly review your plans for your property and your medical care.

8. Analyze employer benefits.

Make sure that you're using your benefits to the best advantage, including retirement plans, insurance, health coverage and even group discounts.

9. Consider annuities.

Annuities are insurance products that can guarantee you a fixed income after you retire. They can be an excellent supplement to other savings plans.