If you haven’t reviewed your estate planning documents in a few years (or more), you should. Both state and federal laws change frequently. For example, the current estate tax exemption is set to sunset in 2025, reverting back to $5 million adjusted for inflation. Florida Laws regarding Powers of Attorneys, Living Wills and Health Care Surrogates have changed in the past few years. There are new and proposed laws regarding portability, IRAs, and capital gains. You may also have significant life changes like income increase or decrease, marriage, divorce, birth of children or grandchildren, adoption, or death of a beneficiary. You should at least review your estate planning documents annually. Speak with your attorney if you have questions regarding your estate planning documents.
-Emily A. Helmick, Esq.