Now is not the time to sit back and do nothing!
Still, the temporary change hardly spells the end of estate tax advice. The package is a two-year fix, and political battles are certain to ensue over changes after that.
What’s more, the fix is not a carte blanche to ignore planning ahead. Anyone with between $1 million and $10 million in assets still ought to take traditional estate-planning measures, according to Watts and others. This could include naming which family member gets a summer home, deciding how to bequeath a piece of artwork, or whether to set up a trust for a grandchild. Even if not estate-tax driven, these tasks all require attention.
Tax Deal or Not, Estate Planning is Important – The Tax Blog – SmartMoney