March 27, 2018

On January 1, 2018, tax legislation was signed, ushering in several changes to the wealth transfer tax system. As a result, we recommend to all of our clients that they review the terms of their Last Will & Testament and/or Revocable Trust at this time to ensure that your estate planning documents remain in accordance with your wishes, as now affected by the 2018 changes in the tax legislation. For instance, many Wills and Revocable Trusts are funded according to “formula clauses” tied to the exemption amount in effect on the date of your death. In the event that you die before the year 2026, these trusts may be funded with significantly larger amounts than anybody was anticipating when your documents were signed.