The High Cost of Dying – From the Office of Gurdayal Singh

The High Cost of Dying…

Estate Ideas

July 2016

high cost of dying

There may be a mistaken impression that, at death, your assets will automatically be distributed to your loved ones. Instead, several “unwanted heirs” may step forward FIRST for their share of your estate.

These “unwanted heirs” can include:

  • Federal Estate Tax

  • State Inheritance Tax

  • Estate Administrative Costs (funeral expenses, probate costs, professional fees, final expenses and debts)

The problem is that these “unwanted heirs” can siphon off a significant portion of an estate’s total value.

The high cost of dying:

Gross Estate

Administrative Costs at 5% (1)

Taxable Estate

2016 Federal Estate Tax (2)

$1,000,000

$50,000

$950,000

$0

$5,000,000

$250,000

$4,750,000

$0

$7,500,000

$375,000

$7,125,000

$670,000

$10,000,000

$500,000

$9,500,000

$1,620,000

$15,000,000

$750,000

$14,250,000

$3,520,000

$20,000,000

$1,000,000

$19,000,000

$5,420,000

$25,000,000

$1,250,000

$23,750,000

$7,320,000

$30,000,000

$1,500,000

$28,500,000

$9,220,000

(1) Actual costs may be higher or lower.
(2) Based on the 2016 maximum 40% estate tax rate and $5,450,000 exemption equivalent.

What might the “high cost of dying” mean to you and your family?

MESSAGES

from the Masters…

OUR DEBT

by Zig Ziglar

All of us are in debt…We are indebted to our parents because they were responsible for bringing us into the world. Next, we’re indebted to the doctors, nurses, aides, orderlies, and other hospital personnel for the parts they played in making our arrival a safe and healthy one.

We’re indebted to the educational structure where we learned reading, writing and arithmetic, which are critical to our lives…

We are in debt to all the pastors, priests and rabbis who taught us the essence of life by instructing us in the character qualities that are important to us, regardless of our chosen field of endeavor–athletics, medicine, education, business, or government.

We certainly owe a debt to people whose messages have been encouraging as well as informative and instructional. We are deeply in debt to public servants who commit their lives to service through appointed or elected offices…

The list is endless…We have a heavy debt, and one way to repay that debt is to regularly express thanks and gratitude to the men and women who make our lives worth living… Thank a lot of people, and you will accumulate many friends and enjoy life more.

QUOTES
from the Masters...

On Vision

“Teaching people skills without giving them a vision for a better future — a vision based on common values — is only training.”

— Nido Qubein

“With vision, every person, organization and country can flourish. The Bible says, ‘Without vision we perish.”

— Mark Victor Hansen

“Imagine your ideal future. Visualize yourself as if your life were perfect in every respect.”

— Brian Tracy

On Overcoming Obstacles

“Life has a way of creating roadblocks that end up as building blocks in our lives.”

— Doug Firebaugh

“For every difficulty that supposedly stops a person from succeeding there are thousands who have had it a lot worse and have succeeded anyway. So can you.”

— Brian Tracy

“Turn your troubles into treasures. Learn from them and grow from them.”

— Mark Victor Hansen

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office.

 

Connect With Us: