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Is Your Estate Plan Up To Date?


The American Taxpayer Relief Act of 2013 gave the U.S. taxpayers a $5 million federal estate tax exemption. Although this gave many Americans much-needed tax relief, a small segment of the population responded with fear. Some attorneys and insurance agents feared that if fewer individuals and families are subject to federal estate taxes, fewer people will need their estate-planning services and expertise. Think of this as the “Maytag Repairman Syndrome” for some estate-planning professionals.

But according to the Pew Research Center, approximately 10,000 boomers will cross the age 65 threshold every day for the next 17 years. By 2040, the number of U.S. residents age 65 and older is expected to double.

Although every adult should have an estate plan, the importance of having an up-to-date estate plan increases the older you become. Did you know that less than half of Americans have even a simple will, let alone more comprehensive documents like trusts, powers of attorneys, and advance health care directives? Do you have up-to-date estate-planning documents?

Let me ask you a few more questions.

  • Has your marital status changed?
  • Do you have more children or grandchildren?
  • Do you have adequate life and disability insurance coverage?
  • Are your parents still living?
  • Have you relocated to a different state?
  • Has your health changed or deteriorated?
  • Have you planned for potential assisted living or nursing home costs?

None of us know when our time is up. Therefore, contact your estate-planning advisor today to schedule an appointment to review your objectives and your estate plan to make sure it is up to date. Don’t hesitate. Make that call today.

For more insight, listen to Jentner Wealth Management’s weekly podcast by clicking here. Or download Jentner’s newest white papers on The Four Cornerstones of Prudent Investing and The Active Versus Passive Investing Debate.