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Wills, Trusts, & Estates Prof Blog
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Is Estate Planning Now Dead?

By Gerry W. Beyer

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-05-04/322ada81-6b7e-416f-b021-87558018c5c8.pngThe tax reform of 2017 increased the federal gift, estate, and generation-skipping tax to more than $11 million per person and $22 million per married couple. This increase means that less than 1% of Americans will be subject to these taxes. But these are not the only expenditures to be considered during estate planning.

SA number of states still have an estate and gift tax. For some taxpayers, it might prudent to change domiciles prior to passing away to avoid additional taxation. Another estate planning concern is probate. This process can be costly and inconvenient, and it can be greatly beneficial to avoid it if at all possible. Blended, as well as traditional families, have additional complications when it comes to the needs or issues of particular beneficiaries.

See Tracy Craig, Is Estate Planning Now Dead, Kilpinger, May 1, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.

Posted in:
Estate Administration, Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax, Gift Tax, New Legislation, Trusts and Wills