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:
|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.
Business owners and high net worth individuals often come to us hoping to reduce their tax burden. To make that happen, we first need to understand your short- and long-term goals. Since the tax decisions you make today can affect everything from your ability to expand your business to your plans for retirement, it’s critical for us to know what you have in mind for your company, your family and yourself.