The assets of my business total $250,000. Do I have to be concerned about estate taxes?

Q: The assets of my business total $250,000. Do I have to be concerned about estate taxes?

A: Absolutely. Many businesses have hard assets worth maybe $100,000 - $500,000. Under the Internal Revenue Code, businesses are valued according to specific methods. Under these methods other less tangible factors are examined which frequently lift the value of the business substantially. Given that the estate tax exemption will drop to $1,000,000 in four years, it is wise to do estate planning.