The Wills, Trusts & Estates Prof Blog recently wrote about the latest tax changes that should make married couples revisit their estate plans in “Recent Changes That Create Need For Married Couples to Update Wills.”
The changes include:
- Estate Tax Exemption – The estate tax exemption has been raised meaning that more of the estate is protected. This could make some estate plans obsolete.
- Portability – It is now possible to take advantage of a spouse’s unused portion of the exemption, which makes some trusts obsolete.
- Income Taxes – Rising tax rates might make some estate plan provisions undesirable.
If you and your spouse created an estate plan under the old tax laws, now is a very good time to consult an experienced estate planning attorney to ensure that your plan is revised accordingly.
