Where there's a "will" the IRS wants to be in it. Each transfer of property you make to another person is subject to estate or gift tax. This is true whether the transfer is made during your lifetime or upon your death. For example, at your death the assets you leave behind (your estate) will be subject to an estate tax between 18% and 48%. Also, any transfer of property (gift) you make during your lifetime is subject to a gift tax between 18% and 48%. There are a few exceptions to this rule, but without proper planning it is likely you will pay the highest possible tax.

Basic estate planning can eliminate the tax on estates as large as $4 million*. Tax is not the only issue to consider when planning your estate, but it's important and a costly one if neglected. Bar Harbor Trust Services will work with you to establish an estate plan that protects your estate, and accomplishes all of your estate planning goals. Call today for a personal consultation.

*2006 amount