News on the New Estate Tax

Recently I posted a blog up upcoming changes to the federal estate tax, no specifics have been worked out yet, however, the NY Times recently ran an article reporting on the likely changes to the federal estate tax law. And the article includes a nice overview of bypass trusts, family trusts, beneficiary forms, and a reminder to review your estate plan every 5 years.

Estate plans should be reviewed at least every five years, more often if there’s a change in finances or circumstances — if health or marriage takes a turn for the worse, or if there’s a birth or death in the family.

The article also mentions the importance of making sure your beneficiary forms are up-to-date, especially given the recent number of mergers, acquisitions, and failures in the financial sector. Remember, what is listed on a beneficiary forms controls, not a will.

Whether your family would be impacted by federal estate taxes or not, it is truly a gift to leave your loved ones by making sure your papers are in place, up-to-date, and organized.

If you are uncertain about the area of estate planning, I encourage you to seek the counsel of a skilled attorney -- don't rely on blog postings for legal advice, they are merely a place to get discussions started.