Rlangford
Estate Liquidity
There can be significant and immediate costs associated with death, including final expenses, debts, business continuity needs, and, of course, transfer expenses and income and estate taxes. The gradual repeal of the federal estate tax begun in 2001 has given hope to many that life insurance would no longer be needed for that purpose, but the currently scheduled reappearance of the estate tax in 2011 gives pause for concern and calls on the second reason people buy life insurance: because they care for someone.
With the current level of federal deficits, it would appear fairly outright; permanent repeal is less likely, but it is also probable that Congress will provide for some estate tax relief. The most often suggested form of relief is to increase the minimum taxable estate to between $3 million and $5 million.
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