State and federal estate and inheritance tax rates are what drive most people’s estate plans, but now that tax rates are falling and exemptions rising in many jurisdictions, how much people will leave their heirs isn’t what keeps them awake at night anymore. What they really worry about is how the money they leave will affect the lives of those who will inherit it.
Your favorite grandchild may spend her inheritance getting a science doctorate and go on to discover a cure for cancer. But what about your favorite nephew who’s been in and out of rehab? These are the situations I often hear clients fret about and it’s hard to build an estate plan that anticipates every possible human foible.