Now that the rules have been made "permanent," take the time to review your estate plan to make sure it still accomplishes your wishes.
With the higher exemption amount, fewer estates will be subject to tax, and perhaps yours falls short of the tax threshold. But regardless of the size of one's estate, everyone needs the following basic documents - updated for the current rules and your particular circumstances:
- A will that specifies who is to inherit your assets and who is to be the guardian of any minor children you have.
- A power of attorney naming someone to handle your financial affairs if you become disabled or seriously ill.
- A health care directive (living will) stating your wishes should you become terminally ill or permanently unconscious.
- A financial inventory listing such things as bank accounts, income sources, insurance policies, and other assets.
For help in getting your estate plan in order, please contact us and your attorney.