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For many of us, the start of a new year can be a time of empty
commitment to self-improvement. Meaningful resolutions are often
made but are rarely kept. Instead of purchasing a gym membership or
pretending that we will enjoy eating salad as our entree this year,
perhaps we should resolve to secure our family's future better
by planning for incapacity and death. There is no time like the
present to evaluate the planning that we have or have not
undertaken.
Relevant considerations for your family may include:
How might the 2018 federal tax
overhaul impact my current estate plan?
Is my current estate plan structured
in a way that will promote efficient administration and minimize
family effort and expense, or even controversy, at my death?
Are my assets structured in a way
that limits my exposure to potential liability?
Do I have Powers of Attorney and a
Living Will that express my wishes and allow my family to make
financial and health care decisions in the event of my
incapacity?
Have I implemented planning that will
allow my business to continue operating after my incapacity or
death?
Will my qualified retirement
account(s) pass to my beneficiaries in a protected and
tax-efficient manner?
Significant tax law changes in 2018:
Significant changes to the gift and estate tax system went into
effect January 1, 2018. For those who implemented their estate plan
prior to the legislation, the new law could lead to unintended
consequences and even some tax inefficiencies. Our attorneys have
been leading seminars and advising clients about planning under the
current system for nearly a year, and we are fully prepared to
discuss the potential ramifications with you.
Non-tax concerns:
While tax minimization is a result that most clients would
prefer, non-tax estate planning issues and objectives may be even
more important for many of us. In today's litigious and
bureaucratic social climate, a thoroughly-considered estate plan is
vital to a family's future. Careful planning can help ensure:
(a) that the time leading up to your death is less difficult and
stressful for your family, (b) that your estate is able to be
settled in an efficient and cost-effective manner, and (c) that
your beneficiaries are protected against subsequent lawsuits or
divorce. These issues are central in the planning efforts that our
attorneys undertake with clients.
Suggested Action:
Move estate and related planning to the top of your 2019
resolutions list. There is no time like the present to implement or
update a plan that will be meaningful to your family and you. For
assistance, please contact any of our Trusts and Estates attorneys
at 800.998.1102.
December 20, 2018
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The 2017 Tax Cuts and Jobs Act raised the amount that can be sheltered from federal estate tax in 2019 to $11.4 million for an individual and double that amount, or $22.8 million, for a married couple.
As explained in an earlier article,1 a common civil law estate planning technique involves an older generation making a gift of bare ownership in an income generating asset to members of a younger generation.
Family composition often includes children from a prior marriage. Step-parents assume the role of caring for, loving, and raising the spouse's children.
