It is wise to review your estate plan when tax laws change.
Do you think estate planning is something you can check off your list and then forget?
If so, you may find yourself in trouble.
Laws change and your estate plan may need to change with them.
According to a recent Kiplinger article titled “Update Estate Plans in Light of New Tax Law,” this is the case with the latest tax laws.
You are wrong.
First, there is a cap on this amount.
Once we reach year 2026, the estate tax is set to return to $5 million.
A number of other changes could allow for you to apply tax-saving strategies to your plan or provide greater protections to your assets.
Even if estate laws do not change, you will still need to periodically review your estate plan.
Changes in your life will require updates.
This could be a change in marital status, the births of children or grandchildren, or a rise or decrease in net worth.
It could even be as simple as your wishes have changed.
When you are updating your will or trusts, do not forget your general durable power of attorney.
You may want to change the individual you have selected or create more guidelines.
Schedule a review with your estate planning attorney for answers on how changes in laws might affect your plan.
Never made an estate plan?
Work with an experienced estate planning attorney.
Do not delay.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Kiplinger (April 28, 2018) “Update Estate Plans in Light of New Tax Law”