Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

January 20, 2015

Have You Had Your Annual Estate Plan Checkup?

Posted by Armanino Estate & Trust Tax Team

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan:

2014 2015
Lifetime gift and estate tax exemption $5.34 million $5.43 million
Generation-skipping transfer tax exemption $5.34 million $5.43 million
Annual gift tax exclusion $14,000 $14,000
Marital deduction for gifts to noncitizen spouse $145,000 $147,000

You may need to update your estate plan based on these changes. But the beginning of the year isn’t the only time for an estate plan checkup. Whenever there are significant changes in your family — such as births, deaths, marriages or divorces — it’s a good idea to revisit your estate plan. Your plan also merits a look any time your financial situation changes significantly.

If you haven’t yet had your annual estate plan checkup, please contact us. Or, if you don’t yet have an estate plan, we can help you create one.

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