A few weeks ago, The National Law Review ran a great explanation of what they call “the new paradigm” in estate planning.
For many years, avoiding the federal estate tax — or at least minimizing one’s burden under the estate tax — was paramount among the estate planner’s goals. These days, it’s not so important. That’s because the vast majority of American families are now exempted from the federal estate tax. Only the very wealthy need to worry about it now.
That means that, at least on the federal side of things, we estate planning attorneys are now able to devote more of our focus to other, equally important goals — things like asset protection, advance planning, long-term care planning, strategic disposition of assets, and reducing other taxation liabilities.
Please note, though, that the state-level estate tax is alive and well in Massachusetts, and it continues to be an imperative point of focus for our firm and many of our clients.
Turning back now to the issue of the federal estate tax and its “shifting paradigm,” The National Law Review recently followed up on their earlier article with an important reminder: the federal paradigm shift applies to estate plans that already exist too!
If you and your family made your estate plans while “the old paradigm” was still in effect, your estate is being governed by the wrong priorities (at least in part). It’s time to update them with the new federal paradigm in mind!
Besides, if that much time has passed, you probably have plenty of other reasons for updating your estate plan (changes in your assets, your family, and more) too.
Our Middlesex County estate planning attorneys are ready to help you bring your estate plan into the new millennium and make the most of the new paradigm. Give us a call today.
