Got a dusty old binder with your will and estate plan? Even if you had your paperwork set up a few years ago, all of your documents are now out of date, thanks to new tax laws that went into effect at the turn of the year.
“Blow the dust off and see if it’s even needed anymore,” said certified financial planner Leon LaBrecque, who is also a tax attorney, a certified public accountant and a chartered financial analyst in Troy, Michigan.
Strategies that financial planners and trust attorneys have been using for years to help families avoid paying estate taxes may now fall by the wayside, because the exemption for the size of estates has doubled to $22 million for couples, from $11 million. It was just $600,000 in 1997.