Many people are revising and updating their estate plan because of recent changes to estate planning and tax laws. Another reason for updating estate plans is the increase in the average life expectancy thanks to developments in modern health care. This article discusses some of the recent changes in the law and why it is important for people to update their estate plans. People need to update their planning if they are going to be impacted by estate and gift taxes. Those who have trusts will also need to review their estate plans. “Another very important development in estate planning is the use of proper beneficiary designations for qualified plans and IRA interests.” There are many parents who have reason to be concerned about the property that they plan to leave to beneficiaries being subject to creditor or spousal claims, and they will want to take proactive estate planning measures.
See Dickinson Wright PLLC, Recent Changes in Estate Planning Laws May be Cause for Review of Your Estate Plan, Lexology, May 4, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
