Many residents of Texas and people living throughout the country are not worried about the federal estate tax these days. For example, a married couple can exempt up to the first $10,680,000 in assets from the tax. It's roughly half that amount for a single person. However, the need to do estate planning is not lessened just because your estate may not be exposed to a federal estate tax at death.
Estate planning gives satisfaction of providing for loved ones
Estate planning is an important contribution to the peace of mind of those in Texas and elsewhere who go through the process. People have a feeling of relief knowing that their loved ones will receive their assets unimpeded by intrusive rules or burdensome taxes. Estate planning goes hand-in-hand with long-term care planning, which is basically the setting up in advance of certain protections that will serve to preserve assets for your loved ones if you have to enter a nursing home or for long-term homecare.
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