With the current lifetime estate tax at an all-time high of
$12.06 million per person, you may not be thinking much about your long-term
estate strategy. However, history has shown this amount has fluctuated which
requires ongoing planning. In fact, the estate tax is set to sunset in a few
years to $5 million adjusted for inflation, so this is something that should be
on your radar.
https://www.kiplinger.com/taxes/601639/estate-tax-exemption-2022
- Contact a local attorney to setup your estate plan. If you don't have a contact, ask your current CPA or advisor for a referral. An online service like Legal Zoom is not recommended.
- Discuss your family's goals and what's important to leave behind, or to gift while alive. Putting money into 529 education plans or custodial investment accounts may be a consideration that could prove extremely beneficial down the road.
- Make sure someone has a copy of your executed estate plan i.e., your financial planner, executor, or another close family member whom you trust.