Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, May 30, 2017

Updating Wills After Tax Changes

TaxChanges in tax laws may very well affect the suitability of various provisions in a will. When state and federal tax laws are amended, added, or repealed, intelligent and forward-looking will provisions may no longer be effective to shield a decedent’s estate from heavy taxes. In some jurisdictions, New York for example, reformation of a will is sometimes possible after death. New York precedent allows (rarely) changes to a will if the reformation is consistent with the decedent’s intent to maximize tax savings. While reformation is a possible avenue to fix will provisions, it is usually best practice to revisit clients’ estate plans immediately after changes in tax laws to ensure tax-avoidance provisions remain effective.

See Carole M. Bass, Reforming a Will for Tax Savings, Wealth Management.com, May 19, 2017.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.


Estate Planning - Generally, Income Tax, Wills | Permalink


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