An Estate Plan Tune-Up!
The current administration has proposed tax increases and changes impacting estate tax, capital gains tax, step-up basis, and also reducing tax exemptions and repealing tax cuts! All of which will require you to revisit your tax and estate plan. Here is an article I published back in 2012, It is one of my favorites and very applicable today. Hope you enjoy it!
No one would think of leaving for a trip without a tune-up, repair or overhaul of the family auto. All of us will be leaving on a long trip someday, so when was the last time you had your estate plan tuned up? Whether your plan consists of a simple will, a probate avoidance trust or complex tax avoidance trusts, you owe it to your spouse and family to make sure your plan will get them to your intended destination.
Some Life Changes That May Require Changes To Your Plan
Simple life changes may have significant impact on your plan.
Needless to say, a marriage, divorce or death of a spouse will have a major impact on your plan. Also, beneficiary designations by your IRA, 401K and life insurance may trump your plan. So be careful!!
Declining health or incapacitation may dictate a need to review and/or change your Durable Family Power of Attorney, your Health Care Surrogate and Living Will.
How about your children? Any deaths, births, divorces or special needs? Maybe you want to consider protecting their inheritance from their creditors or a divorce.
Have you bought a new home or vacation home or acquired real estate in another state? A trust may be needed to avoid probate. 
Estate taxes are in a state of flux and probably will be changing again in 2022.
There may be significant tax implications if your net worth has increased or decreased, if you received an inheritance, made any gifts or are considering making a gift to family or charity.
A move to Florida may have both estate and income tax consequences as well as affect the validity of your plan documents.
You may want to or need to change your personal representative or trustee.
So is it time for a tune-up? Probably so, if you want to avoid unforeseen or unintended consequences for you and your family.
About the Author
Michael D. Chiumento founded Chiumento Law, PLLC in 1974 and is the senior partner. His practice is focused on Estate Planning and Elder Law, Guardianship, Probate and Trust Administration, Commercial Law Loaning, and Business Law. Mr. Chiumento is an active member of the Flagler County community. He has served as the president of the Flagler County Bar Association and the Flagler County Chamber of Commerce and has served as the attorney for local governments, such as the city of Flagler Beach and the Flagler County School Board. He also is a past member of the board of directors for Barnett Bank and was the founding director of Cypress Bank, Cypress Coquina Bank, and Intracoastal Bank.