Creating an estate plan is more than a one-time project. Changes in legislation, financial circumstances, and family relationships are a given, even with the most carefully constructed plans. Best practices call for reviewing and possibly revising certain provisions in your estate plan when needed.
Currently, thanks to the Tax Cuts and Jobs Act of 2017, the exemption amounts for passing on wealth before the estate tax applies are at an all-time high. These doubled exemption amounts will expire at the end of 2025, if not before if there are legislative changes. This planning update helps you understand actions to take now to make sure you don’t miss out on important estate planning opportunities.