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Recent Questions and Answers (See the Ask a Lawyer question box below)
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Question: How much are estate taxes?
Answer: It depends on the year one passes away. In 2005, the exclusion amount is 1.5
million and the top rate is 47%. In 2006 to 2008, the exclusion amount holds at 2 million and
the top rate drops to as low as 45%. In 2009, the figures are 3.5 million and 45%. However,
in 2010, the estate tax is repealed. If Congress does nothing, the amount reverts back to 1
million and with a top rate of 55%.
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Question: Do I need a Will even though I don't have much money or possessions?
Answer: Yes, in most circumstances. Decide for yourself by reading the Wills section of our
handbook.
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Question: What is the difference between a Health Care Proxy and a Living Will?
Answer: The basic difference is that a Health Care Proxy allows you to designate someone
to make health care decisions for you when you are unable to do so yourself. A Living Will
(not the same as a Last Will and Testament) allows you to document your wishes regarding
the types of medical treatment you want or don't want. Both legal documents can be used
together and will complement each other.
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More Questions and Answers:
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Wills Q&A Health Care Proxy Q&A Living Wills Q&A
Power of Attorney Q&A Living Trusts Q&A Other Q&A
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