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T&E TALK: Time for Your Annual Estate Plan Checkup?

Posted by Scott T. Ditman, CPA/PFS on Jan 21, 2019 7:00:00 AM
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An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption, and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan.

2019 vs. 2018 Amounts

Here are a few key figures for 2018 and 2019:

Lifetime Gift and Estate Tax Exemption

  • 2018: $11.18 million
  • 2019: $11.40 million

Generation-skipping Transfer Tax Exemption

  • 2018: $11.18 million
  • 2019: $11.40 million

Annual Gift Tax Exclusion

  • 2018: $15,000
  • 2019: $15,000

Marital Deduction for Gifts to a Noncitizen Spouse

  • 2018: $152,000
  • 2019: $155,000

You may need to update your estate plan based on these changes. But the beginning of the year isn’t the only time for an estate plan checkup. Whenever there are significant changes in your family, such as births, deaths, marriages or divorces, it’s a good idea to revisit your estate plan. Your plan also merits a look any time your financial situation changes significantly.

Turn to Us for Help

If you haven’t yet had your annual estate plan checkup, please contact us along with your trust and estate attorney. Or, if you don’t yet have an estate plan, together we can help you create one. You can reach me at SDitman@BerdonLLP.com or contact to your Berdon advisor.

Scott T. Ditman, a tax partner and Chair, Personal Wealth Services at Berdon LLP, advises high net worth individuals and family/owner-managed business clients on building, preserving, and transferring wealth, estate and income tax issues, and succession and financial planning.

Topics: T&E TALK

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