Tax Talk: Time for an Estate Plan Checkup

By Brendan Hughes0 Comments

Now that we’re in the new year, you might want to consider an estate plan checkup. Why? First, various exclusion, exemption and deduction amounts are adjusted for inflation and can change from year to year, so it is a good idea to see if they warrant any updates to your estate plan:
  2013 2014

Lifetime gift and estate tax exemption
$5.25 million $5.34 million

Generation-skipping transfer tax exemption
$5.25 million $5.34 million

Annual gift tax exclusion
$14,000 $14,000

Marital deduction for gifts to noncitizen spouse
$143,000 $145,000
Inflation adjustments aren’t the only reason for an estate plan checkup. You should also review your plan whenever there are significant changes in your family, such as births, deaths, marriages or divorces. Your estate plan also merits a look if your financial situation has changed significantly.

Contact one of our senior account executives at 888-382-4727 to discuss how your self-directed IRA fits into your estate planning.

Source: Thompson Reuters