Monday, July 13, 2009

Jackson and the Federal Estate Tax

People worry about estate taxes. Or should I say, too many people worry who should not. Yes, Michael Jackson's estate will owe estate taxes, estimated to be in the range of $80 million. However, he died with a net worth over the federal exemption....this year that is $3.5 million for an unmarried person. If your net worth (remember to include life insurance) does not exceed $3.5 million, you can stop worrying about the federal estate tax...enjoy the summer instead.

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