Estate and gift tax laws can change over time. Periodically reviewing your estate plan with your financial, tax, and legal professionals can help keep your plan aligned with your family's goals and evolving laws and regulations.
Use this checklist as a starting point for your next planning conversation.
Estate Tax Exemption Review
- Have you reviewed how your current estate plan utilizes available federal estate and gift tax exemptions?
- Have you discussed how potential legislative changes could affect your long-term planning?
Lifetime Gifting Strategy
- Have you evaluated whether lifetime gifting aligns with your wealth transfer objectives? Have you reviewed annual exclusion gifts and other gifting opportunities, where appropriate?
Trust Review
- Have your trusts been reviewed to determine whether they continue to reflect your family's goals and current circumstances?
- Have you discussed whether your trust provisions provide appropriate flexibility for future changes?
Liquidity Planning
- Have you assessed whether your estate may have sufficient liquidity to address taxes, expenses, or other obligations?
- Have you reviewed how business interests, real estate, or other illiquid assets fit within your overall estate plan?
Next Steps
If you answered "No" or "Not Sure" to any of these questions, it may be worthwhile to schedule a comprehensive estate planning review with your financial professionals.
Important Disclosures
Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
This material was prepared by LPL Marketing Solutions.
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