1. ESTATE PLANNING UPDATE Spring 2013
David M. Knasel, Esq.
Dominion Business Law PLC
Tysons Corner | Leesburg, VA

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

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

7. 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

8. 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

9. THANK YOU!