Whoever won that ginormous $997.6 million cash value Powerball jackpot last November needs some serious estate planning advice.
Ditto for the winner of the $724.6 million cash value Mega Millions jackpot in January.
Sadly, you did not win either. Nor did you inherit gazillions from your rich Uncle Fred, despite kissing up to him for all those years. Rats! Even so, you probably still need an estate plan.
We will explain why.
Don’t Fixate on the Big Federal Estate Tax Exemption
You are probably among the vast majority who are not currently exposed to the federal estate tax, thanks to today’s ultra-generous $12.92 million exemption for singles—or effectively $25.84 million for married couples.
While being unexposed is good, the federal estate tax is not the end of the story.
If you have minor children and some assets (maybe just a house, a car or two, and some nice ... Log in to view full article.
