Tag: Estate Planning
In the last addition of our newsletter, my colleague Chris Blackmon covered some of the tax implications of the newly-enacted SECURE Act. As you may know, the SECURE Act (which stands for “Setting Every Community Up for Retirement Enhancement Act”) was signed into law in late December and became effective January 1st of this year. As Chris outlined, the Act makes significant changes to how retirement accounts can be funded, drawn down, and passed on to the next generation. While many of these changes have obvious tax ramifications, in this article we want to explore further the less obvious estate planning impact of these changes.
It’s almost impossible to overstate the importance of taking the time to plan your estate. Nevertheless, it’s surprising how many American adults haven’t done so. You might think that those who are rich and famous would be way ahead of the curve when it comes to planning their estates properly, considering the resources and lawyers presumably available to them. Yet there are plenty of celebrities and people of note who died with inadequate (or nonexistent) estate plans.
An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. Due to its importance and because circumstances change over time, you should periodically review your estate plan and update it as needed.
It’s Time to Review Your Will and Estate Plan – When the Tax Cut and Jobs Act of 2017 was signed into law, the estate and gift tax exemption, which is the amount you can pass to your heirs estate tax free, was raised to $11.18 million per person ($22.36 million per couple), increasing annually with inflation. The good news is that because of this change, most people’s estates will now be estate tax-free.
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