Have you had your annual estate plan checkup?

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.

Vive Poole
Vive Poole

Vive Poole is a Tax Senior Manager at BeachFleischman PC. She has extensive experience in the estate and trust area. She has been in public accounting since 2002.