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 may be subject to a gift tax of up to 40%. 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 protect your estate from Maine and Federal estate tax. Tax is not the only issue to consider when planning your estate, but it's a costly one if neglected. Bar Harbor Trust Services will work with you and your existing professional advisors to establish an estate plan that protects your estate, and accomplishes all of your estate planning goals. Call today for a personal consultation.
Bar Harbor Trust Services is a subsidiary of Bar Harbor Bank & Trust. Investment products are not deposits or obligations of the Bank, are not FDIC insured, are not guaranteed by Bank and are subject to investment risk, including possible loss of value or principal amount invested.