Estate Planning for Everyone

I t’s the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways. This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone. Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan. Some things to think about: Did you get married or divorced? Did any of your children or grandchildren? Did you welcome a child or grandchild into your family by birth or adoption? Have any of your children or grandchildren reached the age of majority? Have you dealt with illness or hospitalization? Have you incurred medical expenses? Did you buy or sell a new property or any other major assets, like a vacation hom

Hello everyone and a happy 2018 to you! I hope you enjoyed the holiday season and this new year is off to a terrific start for you and your loved ones, thus far. I would like to consider a few items to watch regarding estate planning for 2018, so you and your family can be completely protected. The Death Tax The death tax has been in a state of flux ever since the early 2000s when the Bush administration’s first tax cuts changed the exemption and tax rates. The recently-passed Tax Cuts and Jobs Act is the latest significant change. Starting January 1, 2018, the estate tax exemption amount will double to $11.2 million per person (married couples have $22.4 million of combined exemption). Like the current exemption, this amount will adjust annually for inflation. However, this enhanced exemption expires on December 31, 2025, at which time it will return to an amount similar to the $5.49 million per person exemption we’ve had in 2017. Similar to what happened when the Bush tax c