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.