Don’t Leave It to Chance: Critical Estate Moves to Make Now
Category: Estate Planning
June 8, 2024 — A significant portion of older adults have not completed essential estate planning documents. In fact according to one survey, only about 55% of people over 55 have a will. Beyond creating an estate plan, there are a number of other tactics that you can take to protect your wishes and maximize the legacy of what you have created.
Since the estate tax exclusion is now $13.61 million, the federal tax on estates is not generally an issue. The amount not subject to tax has been raised to the point that it only applies to a tiny percentage of Americans. When the limitation was lower, estate planning was more complicated. However those days could be coming again, because if congress does not act, the exclusion could revert to $5 million in 2025.
Estate Moves to Make Now
Meanwhile there are many things that people can do to protect their estates, minimize taxes, and make things easier for their heirs and executors. We list some of them below, recognizing that many will not apply to those in the Topretirements community with uncomplicated and smaller resources. But most apply to everyone, no matter how small their estate might be.
Comments on "Don’t Leave It to Chance: Critical Estate Moves to Make Now"
Admin says:
This article from the Center for Retirement Research is an excellent summary of why a will is so important, along with some clever ideas on how to incentivize more people to get one.