Monday, April 30, 2018
The federal estate-tax exemption doubled to over $11 million this year, but that doesn’t necessarily mean that the exemption shouldn’t alter your estate plan. Unedited or stale wills may be configured according to older laws and regulation which could inadvertently overlook intended beneficiaries. The idea that the estate-tax exemption increase lessens the need for many people to pursue estate planning is misplaced; it could cause you to pay more in income tax, improperly manage trusts, or cause loved ones receiving your assets to miss out on tax breaks.
It’s always a good idea to regularly spruce up an estate plan as families – and life – are always evolving.
See Eleanor Laise, Update Estate Plans in Light of New Tax Law, Kiplinger, April 28, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.