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