Return to Main Site You've Filed Your Tax Return, Now Follow Through!
Post By George in Income Tax PlanningAs any devotee of the golf swing, tennis serve, or pick-up line can attest, your “follow-through” is critical. Whether you prepared your own IRS Form 1040 or worked with a professional, you surely chased every dollar of credit and deduction in hopes that your “contribution” to the Republic would be no greater than what you legally owed. Why not follow through with some attention to your estate tax exposure? Advance planning can materially reduce or eliminate your estate’s potential tax burden (particularly for married couples (even those still in the family-building and wealth-building phases)). This is especially true for people living in New York, New Jersey, and Connecticut, where exemptions for state-level taxes remain relatively low ($1,000,000; $675,000; and $2,000,000 respectively). Keep your eye on the ball!