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Ten Reasons To Make a Legal Will		Ten Reasons To Consult an Estate Planning Attorney
1. Make the most difficult time for loved ones easier. 2. Name who takes care of your children. 3. Prevent bitter family battles. 4. Simplify the legal process. 5. Name who gets your assets. 6. Prevent confusion. 7. Protect the family home or business. 8. Minimize legal costs. 9. Eliminate cost for administrator bond. 10. Give consideration to your personal choices.		1. Be sure that Legal Will documents are correctly prepared and executed properly. 2. Develop a Trust or Living Trust. 3. Help probate the Last Will & Testament after a loved one dies. 4. Protect and preserve assets. 5. Arrange the emotional and financial security of your children. 6. Minimize estate taxes. 7. Address specific state or local probate and tax laws. 8. Have an attorney serve as Executor or Guardian of the Estate. 9. Address complex issues related to prior marriages. 10. Keep the family business or personal assets whole.

Disclaimer: While the information on this site deals with legal issues, it does not constitute legal advice. If you have specific questions related to information available on this site, you are strongly encouraged to consult an attorney who can investigate the circumstances of your situation and the particulars in your state.

Wills.Com in the News

Wills.Com was mentioned in the Wall Street Journal on September 25, 2001, in an article titled, "Terrorist Attacks Spur Americans to Produce Wills." The article describes how will preparation, and, in particular, do-it-yourself will preparation is part of many Americans' post-September-11th activities. While the article cautions that there can be some risk involved in making a do-it-yourself will, Wills.Com is singled out. "Even one estate-planning Web site, Wills.com, recommends that people who use its will-making service also run the document by a local attorney familiar with their state's laws."

Here are some of the many recent articles that discuss Wills.Com:

Where There's a ...WILL... There's a Way, The Tucson Citizen , 5 June 2003.

Many Young Adults Mistakenly Overlook Estate Planning, Indianapolis News/Indianapolis Star, 27 December 2002.

What Every Parent Needs to Know, Money Matters, How to Plan for Your Family's Future in Case the Unthinkable Happens, by Diane Harris, Parenting, 1 April 2002.

Senate Kills Bid to Repeal Estate Tax

Under a law passed in 2001 as part of President Bush's tax reform package, the Estate Tax will be gradually lowered until being fully repealed in 2010. But this tax package itself expires at the end of 2010, so under the current law the Estate Tax would be eliminated by 2010, only to be back in full force in 2011. The House already voted in favor of making the repeal of the estate tax permanent. Because of budget rules, any measure that would result in a permanent repeal of the Estate Tax would need to be favored by 60 of the 100 members of the Senate. The Senate voted on this issue on June 12, 2002, and the bill to make the Estate Tax permanent was defeated with a vote of 54 in favor of the repeal and 46 opposed..

As part of the $1.35 trillion tax relief package that was passed in 2001, President Bush signed the law to repeal the Estate Tax in 2010. The law immediately lowered the 55 percent maximum tax rate to 50 percent, and then eventually to 45 percent. The tax exemption, which is $1 million in 2002 will increase to $1.5 million in 2004, $2 million in 2006 and $3.5 million in 2009. The gift tax is retained for certain types of gifts, but decreases to 40%.

Federal Tax Exemption Schedule and Federal Estate Tax Rate

The amount of your estate that can pass to your heirs (not including your spouse) without having to pay any estate tax will increase over the next nine years:

Year		Exemption
2002		$1,000,000
2004		$1,500,000
2006		$2,000,000
2009		$3,500,000
2010		Unlimited*
2011		$1,000,000

With proper estate planning, a married couple can double the exemption. One way is to leave cash in the amount of the exemption to the children or heirs in your Last Will and Testament. The other way is through a Credit Shelter Trust. Click here to see how this is specified in the Wills.Com Legal Will. An Estate Planning Attorney can help you decide if you should specify a Credit Shelter Trust in your Legal Will as a "testamentary trust," or if you are better served by establishing a Living Trust.

When the total value of the estate exceeds the amount of the deduction listed above, estate taxes will become due. The following table is used to calculate the estate taxes, based on the gross value of the estate. The exemption describe above for years 2002-2003 is reflected in this table.

Gross Estate Value		Tax Due
$0 - $1,000,000		$0
$1,000,000-$1,250,000		41% of amount over $1,000,000
$1,250,000-$1,500,000		$102,500 + 43% of amount over $1,250,000
$1,500,000-$2,000,000		$210,050 + 45% of amount over $1,500,000
$2,000,000-$2,500,000		$435,000 + 49% of amount over $2,000,000
$2,500,000 and up		$680,000 + 50% of amount over $2,500,000

*Note: Even though the estate tax exemption is unlimited in 2010, modifications to the carry-over basis for the Capital Gains tax replace some of the reduction in estate taxes. More importantly, without further legislation, the current law that increases the exemption will expire in 2010, so the exemption will be back to $1,000,000 in 2011. Furthermore, states are beginning to enact legislation that decouples their estate tax from the Federal Estate Tax exemption. In some states, even though your estate falls within the federal exemption, your estate might not be exempt from local estate taxes. If all of this sounds confusing, that is because it is. We suggest that people with large estates should consult a local Estate Planning Attorney to help them understand the particulars for their location and situation.