Planning Ahead
Deborah Miller, JD, Director of Planned Giving, West Virginia University Foundation, Inc.
If not, a codicil (or amendment) to the will
Many people neglect to
review their wills periodically. may be appropriate. However, if the changes you
decide upon are more than minor ones, a new will
That can be an expensive
is the better option.
form of neglect. Tax laws
change, and the tax bite on
It is very important to spend some time reyour estate changes too.
evaluating your property’s value in today’s dollars
and the potential for future growth during your
In the American Taxpayer Relief Act of
lifetime. Your real estate has probably gone up in
2012, Congress established a permanent base of
value more than you realize over the years. Other
$5 million as the tax-free amount for lifetime or
assets may have as well. In that case, a tax-saving
estate giving. The amount will be indexed for
bequest may be an appropriate choice.
inflation each year.
In 2014, property and assets in your estate
worth $5,340,000 and less can be protected from
federal estate taxes, but above that amount, 40%
of the property will be needed to pay the taxes
within 9 months of death. Special rules apply to
married couples who receive, in effect, a total
$10,680,000 in tax-free assets if both die in 2014.
Because of these recent significant changes,
do yourself a big favor and review your will
thoroughly now. Do all of the terms still provide
the legacy you thought it would? Considering the
possibility of changing tax laws in coming years,
is the plan still appropriate?
Consider making additional or larger gift
provisions to favorite charitable organizations
in your revised estate plan. Such gifts, whether
to a church, university, hospital or other helping
organization, can provide a beneficial legacy for
others while cutting estate taxes, if that is a concern.
Changes in tax laws, in intended
beneficiaries, or in property or assets should
prompt a periodic review of the legacy that your
will provides.
That’s good planning.
FEEd EFFiCiEnCy BuLL
And FEmALE SALE
Friday • April 25, 2014 • 5:30 p.m. • at the farm, louisa, VA
40 Bulls - Angus, Simmental & SimAngus® Many coming 2-year-olds
100 Females - Registered Angus & Commercial
Fall Pairs, Spring Pairs and Bred Heifers
Quaker Hill Farm
SALE
131 Robin Ct.
MANAGED
Howell, MI 48855
BY:
517-546-6374
www.cotton-associates.com
12 West Virginia Farm Bureau News
5728 Poindexter Rd • Louisa, VA 23093
Farm 540.967.1045 • Fax 540.967.1674
Charles cell 540-894-3523
E-mail: [email protected]
Please visit
www.quakerhillfarm.com
for more information and
to view the book online.