Much of the estate planning talk, in Cincinnati and elsewhere, about the recent large tax law changes has focused on the implications of the changes to the estate tax and the possibility of their rollback in a few years. Families that might be affected by those changes, are being advised to revisit their estate plans.
Unfortunately, the focus on that single issue might make people not affected by the estate tax think they have no need to review their estate plans. However, as Forbes discusses in "7 Reasons To Review Your Estate Plan, Trump Tax Law Aside," other reasons to look at your estate plan again include:
- Ensuring that your assets and property are still distributed as you want in the proportions you want.
- Making sure the person you chose to be the executor of your estate is still able and willing to serve in that capacity.
- If you have minor children, you should make sure the person you previously named to be their guardian is still an appropriate choice.
- It is always a good time to review your estate plan to determine if your family will be better served by using a trust or a will, based on the mix of your assets.
- Other documents, such as powers of attorney and health care advanced directives, should be reviewed to make sure what you have is still what you want.
- Tax laws are always changing, so a review of your estate plan is important for taxes other than just the estate tax.
- You should always review to make sure any gifting program you have undertaken is appropriate or whether you should start one, if you are not currently gifting.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Forbes (March 15, 2018) "7 Reasons To Review Your Estate Plan, Trump Tax Law Aside."