David M. Frees III It’s that time of year. New Years Eve approaches and it is time to make decisions, set new goals, and to make your new year’s resolutions. And, this year, more than ever, estate planning, updating your will, trust, and power of attorney should top the list.
This brief article will examine why 2010 estate planning resolutions and will updates are more important than ever, and how to make sure that this is one resolution you’ll actually keep.
First, the many laws related to estate planning and estate and inheritance taxes change regularly. For example, Medicaid – nursing home laws, estate and gift tax rules, and power of attorney laws have all changed recently for Pennsylvania residents.
However, this year there was also a major change, when Congress allowed, at the last minute, for the federal estate tax law to lapse. But, don’t take that too happily because it comes roaring back in just 12 months and that version may be worse than ever. And, to make matters worse, if your assets (including life insurance) exceed 1 million dollars, your estate planning documents might not even work properly.
So for the full story on who should revise their estate plan and why, as well as notes on how to keep this resolution, click here.