Reports of Estate Planning’s Demise Premature

For people who do not want to take the time to plan for their own estates, it might seem like 2018 has started out to be a good year. It has been so good that some people are talking about the death of estate planning itself because the federal estate and gift tax exemptions have been doubled. They also think that there is no need to have plans to avoid those taxes.

However, most people who planned for their estates before this year were not subject to the federal estate tax anyway, because there have always been other reasons to make an estate plan. Those other reasons still exist.

Recently, Kiplinger discussed some of those reasons in “Is Estate Planning Now Dead?” including:

  • A few states still have estate and inheritance taxes of their own. Some of them have lower thresholds than the federal exemption limit. People in those states might need to plan around those taxes.
  • In many states, probate is a very expensive and time-consuming process, giving people good reasons to get an estate plan that avoids probate completely.
  • Estate planning is also a good way to avoid any particular issues that might come up with an unplanned estate. For example, if any heirs have potential problems, like financial or drug issues, estate planning can help make sure that any inheritance is not wasted.
  • Estate planning is also the best way to avoid fights between family members over who should get what from the estate.

Contact a qualified estate planning attorney to get your affairs in order without delay.

Reference: Kiplinger (May 1, 2018) “Is Estate Planning Now Dead?

Hear From Our Clients

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben