Should I Worry About Changes to the Estate & Gift Tax Exemption?

My whole life, I have loved Dolly Parton. She is an absolute queen, and she is a very thoughtful planner. 

Not only has Dolly thought through how her charities and estate will be carried out after she is no longer with us, but she has also picked her last song and the last thing she wants to say to everybody. She has locked all of this in a box and it’s sitting at the DreamMore Resort. 

Prince Rogers Nelson notoriously litigated furiously and made a lot of lawyers very rich, but he never drew up a will. I, like many others, was convinced for the longest time that there would be this tiny county attorney who would come forward with Prince's will, but it never happened. 

You might be creating a huge mess. You've worked your whole life to create this nest egg, this value, this wealth of opportunity, and it's all going to go down the drain if you don't plan accordingly. 

What is Probate Law? It's the area of estate planning that deals with the assets of a deceased person after they have passed away, and there are multiple processes. Probate is technically when you have a person who had a Will, but we use the term sort of generically. 

Your will is important. In today’s “hustle and bustle” world, it can be an afterthought—something you’re going to “get to” when you “have the time.” 

The SECURE Act made significant changes to the post-death required minimum distribution rules for individuals who die after January 1, 2020—changes which every individual who has an individual retirement plan (“IRA”) or defined contribution plan (such as a 401(k) or 403(b)) should understand when reviewing their estate plans. 

Good question. Many of our clients who run a basic Google search on estate planning prior to coming in for an initial meeting read about the benefits of Revocable Living Trusts and ask this question almost before I can finish introducing myself! Do you need a revocable living trust? 

We all carry on personal “business” in our everyday lives (e.g. paying bills, doing banking, etc.), which is what makes a financial power of attorney (also referred to as a “Power of Attorney” or a “POA”) an important document for everyone to have.