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Does the “fiscal cliff” affect my estate plan?

By Scott Springer

Fri, Aug 23rd, 2013
Posted in All Ask the Expert

Yes! Whenever state or federal tax law changes, you should review your estate plan to insure that it takes complete advantage of your exemption limits and doesn’t cause you to suffer any penalties. Most estate planning documents take into account the transient nature of our estate tax exemption limit, but some estate plans that were tailored for the previous limits may have a number of unnecessary provisions, or, more likely, are lacking necessary provisions, depending upon the size of your estate.

Other times when it is advisable to review your estate plan is upon the birth of a child, the death of a spouse, child, or other loved-one, upon marriage or divorce, when you inherit property, if you buy or sell a business, when you retire, if you buy property in another state, or if you move to a new state.

Whenever, as now, the estate tax laws change, you should have a knowledgeable attorney review your plan.

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