Spring is here! As you get yourmop and dust pans ready for the infamous â€œspring cleaningâ€ ritual, donâ€™t forgetabout your financial and estate plans. You may not think of those things when startingthe spring season, but any new season brings about change â€“ and with the recentchanges in the estate tax laws, you may want to make sure your estate plan isupdated.
Estate planning is an ongoingprocess, not a one-time event. Not only are there changes in tax laws, but yourlife and the lives of your loved ones are in a constant change of flux as youmove through life together. Accordingly, keeping your estate plan up with lifechanges requires action, not complacency.
This message was brought home ina recent article by The New York Timestitled â€œEstate Planning Remains a Moving TargetUnder the New Tax Law.â€ The article notes that new tax law makes theestate tax a far less likely threat to the lifeâ€™s work of many Americans. Infact, the â€œpermanentâ€ nature of this most recent iteration of the tax lawallows individuals to exempt $5.25 million from taxation (doubled to $10.5 formarried couples). Even better, the exemption is set to index for inflation.
All that noted, no changes tothe estate tax or any other transfer tax will change the necessity forresponsible adult Americans to make sure their estate plans are current. Forexample, wills, trusts, beneficiary designations and even medical directivesshould be reviewed periodically.
As suggested in the originalarticle, now is a great time to do some spring cleaning. Itâ€™s a chance toreview what you have done, make any needed changes and perhaps tie up someloose ends.
For more information on this subject,contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.