The Tax Cut and Jobs Act signed into law on December 22, 2017, doubled the estate tax exemption. So nobody needs an estate plan any more right? Unfortunately not. This doubling is not slated to last forever, and depends highly on who is in control of congress when the bill sunsets in a few years.
You should look at this instead as a window to make changes that could save you millions. If you answer yes to any of the following questions, you should review your estate plan with an attorney.
- Did you get married or divorced?
- Did your spouse pass away or become incapacitated?
- Are there any new children in your family?
- Did any of your beneficiaries have any of the above changes in their family, or do they have any new financial problems?
- Are your designated fiduciaries still able to fulfill their roles?
- Did you sell or buy any significant assets?
- Did you move to a new state?
- Did you retire?
To speak about any of these changes with a responsive, qualified attorney, click or call today.