You are making a difference today by supporting Linda Creed Foundation’s mission. But what about the future? The purpose of Legacy giving is to construct a gift plan today that is intended tomorrow. There are many ways to influence future outcomes and how Linda Creed Breast Cancer Foundation fulfills its mission through a legacy gift such as a will, trust, and other estate device. Talk to your financial planner or call us.
Interested in a Legacy Gift?
If you are committed to long-term support, estate planning is important. Don’t know where to start? A bequest is the simplest way and things you should be aware of when writing a will is outlined below. For other types of legacy giving, Linda Creed Breast Cancer Foundation has a Planned Giving Advisory Board that can help you get started. Email franorodeckis@lindacreed.org for a list.
About Wills
Is your will up to date?
Estimated average cost to set up a will: $500 to $1,000 using an attorney, $75 for a simple will done at a legal clinic.
Current Federal Estate Tax Exemption
Until 2010, the federal estate tax will remain in existence. Beginning in 2004, expanded exemption amounts began kicking in. The maximum tax rate will continue to drop over the next few years before fading out completely in 2010.
| YEAR |
EXEMPTION |
MAXIMUM TAX RATE |
| 2005 |
$1,500,000 |
48% |
| 2006 |
$2,000,000 |
47% |
| 2007 |
$2,000,000 |
46% |
| 2008 |
$2,000,000 |
45% |
| 2009 |
$3,500,000 |
45% |
| 2010 |
Unlimited |
Tax is repealed |
| 2011 |
$1,000,000 |
55% |
If you’re married, estate tax is most likely to be an issue when the second spouse dies as everything is passed to the surviving spouse tax-free. However, should the second spouse die owning all the couple’s assets and it’s worth more than the estate-tax exemption, estate tax will be due at the rate of $.45 for every dollar over the exemption.
Estate worth more than federal estate tax exemptions? Consider doing a more complex estate planning such as setting up a trust. Trusts protect heirs from having to pay hefty estate taxes (45 cents to every dollar at federal level. Individual state taxes vary). Average cost to set up a trust is $2,000 to $3,000.
Need an Estate Plan? If estate planning is important but you don’t know where to start, Linda Creed Breast Cancer Foundation has a Planned Giving Advisory Board to help you get started. Email franorodeckis@lindacreed.org for a list.
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