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Have you had your annual estate plan checkup?

January 20, 2015

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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

  • 2014: $5.34 million
  • 2015: $5.43 million

Generation-skipping transfer tax exemption

  • 2014: $5.34 million
  • 2015: $5.43 million

Annual gift tax exclusion

  • 2014: $14,000
  • 2015: $14,000

Marital deduction for gifts to noncitizen spouse

  • 2014: $145,000
  • 2015: $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.

© 2015

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a Clark Schaefer Hackett professional. Clark Schaefer Hackett will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

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