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Indecisiveness on Estate Plan Shouldn't Stop You from Setting One Up

Like any provider of professional services, estate planning attorneys are able to work most efficiently when provided with a set of hard information and an idea of how that information will fit into local and national tax law.

So the lack of any clear information regarding the upcoming reinstitution of the federal estate tax has been hard on attorneys. It's been even harder on the individuals attempting to plan their estates with the information available. Still, it would be a mistake to wait for things to clear up before setting up a will or trust.

To be fair, estate plans created in 2010 will likely require some modifications in 2011. Even estate plans put into place for individuals who passed in 2010 may not be safe from reconsideration.

Some have speculated that the federal government may attempt to recoup some of the lost taxes from this year by instating a retroactive estate tax. While unlikely, this scenario is far from impossible.

Even for all of this uncertainty, the nebulous state of having no estate plan at all is much more hazardous to the prolongation of one's wealth and assets. Additionally, in New Jersey, state taxes on estates are still very much alive and well.

If nothing else, setting up an estate plan for the purpose of best dealing with these state-levied fees should be reason enough to see a qualified attorney.

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