In a recent episode of Gene Simmons Family Jewels (lead singer of the band Kiss) and his lovely wife Shannon were in the office of an estate planning attorney to draw up their estate plan. In this episode, Gene was particularly fixated on death (he also took Shannon to a cemetery to show her the burial plots he had purchased for them both). If you know anything about Mr. Simmons, showing up in an estate planning attorney’s office is probably one of the last places you would expect to find him. Simmons, 63, is now looking to the future and how he wants his legacy to pass to his family. “You should know what your choices are in planning your estate”, Simmons said, “because it’s going to get rough in 12 months.”
Mr. Simmons was referring to the upcoming federal estate tax patch that will expire at the end of 2012. If Congress and the President do not pass new legislation in the next year, the federal estate tax exemption will fall back to $1,000,000 (which includes life insurance death benefit). This will affect many people who certainly would not consider themselves high-net worth individuals. Simmons pointed out that now is the time to look into life insurance strategies to get the money out of your estate ahead of time (before this potential change in the law happens).
For more information on life insurance strategies to lessen the threat of the estate tax for your family, call me at (760) 448-2220 or email me at [email protected].