Whenever there are significant changes made to tax laws, it is important to review your estate plan to make sure you still have a plan that best benefits you under the law. Even minor changes to tax laws can have an impact on estate plans.
The tax changes recently signed into law are no exception.
Now is the time to go to an estate planning attorney and make sure your estate plan is still optimal for you and your family. There are a few things you will want to discuss with your attorney.
Recently, Forbes offered some suggestions of things to talk to your attorney about in "5 Questions to Ask Your Estate Planner After the New Tax Law," including:
- You need to know if the new law effects your estate plan at all. The estate tax exemption limit has been doubled and you will want to know what that means for your estate.
- If you are married, you will want to discuss what the new law means for spousal “portability” and how that could impact you and your spouse.
- Many states tie their state estate tax exemption to the federal exemption and you will want to discuss whether yours is one of them.
- Have the attorney review your plan to make sure it is still optimal for what you want to do, given the new laws.
- Before leaving the attorney's office, ask the attorney when you should come back and review your plan again. Estate plans should always be periodically reviewed with an expert, in case there are other changes to the law that need to be addressed.
Reference: Forbes (January 9, 2018) "5 Questions to Ask Your Estate Planner After the New Tax Law."