Tuesday, January 16, 2018
Estate plans are similar to homes or vehicles in that they require regular maintenance to ensure they continue to function properly. Like the mammoth pothole to a car or a tornado to a house, the recent tax legislation represents an external event that may necessitate a damage assessment. Meeting with an estate-planning professional for an update is the best way to determine if your estate plan is still in good working order, or if it needs a major overhaul. When meeting with your planner, there are five important topics you should consider for discussion: 1) whether and how the new tax law affects your estate plan, 2) the new exemption for married couples, 3) state estate taxes, 4) estate document customization, and 5) an appropriate time for a follow-up visit.
See David Robinson, 5 Questions to Ask Your Estate Planner After the New Tax Law, Forbes, January 9, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.