Due to the American Taxpayer Relief Act of 2012 and the IRS-established inflation adjustment, the federal estate and gift tax exemption is $5.43 million per individual for this year. Additionally, the Ohio legislature repealed the Ohio estate tax effective the beginning of 2013.
As result, it might be tempting to think that you no longer need to keep your estate plan up-to-date. However, even if your estate falls below this $5.43 million exemption threshold, virtually everyone would still be wise to keep their estate documents up to date. Consider the following estate planning tools:
Work with a qualified financial advisor and an estate planning attorney to keep your estate plan up-to-date. It is easy to intend to do this but then forget about it. Instead, pull out your calendar and schedule this appointment today.
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