Experienced Trust & Estates Attorney

With the changed landscape of Estate Planning laws under the 2018 Tax Cuts and Jobs Act, it is the responsible thing to do to ensure your Estate Plan is current, and takes full advantage of the new rules.

Because the estate tax exemptions were increased to $11.2 million per person ($22.4 million for a family), for most families it would be wise to revise existing complex credit shelter trusts to take full advantage of a step up in cost basis at the first death of a spouse, to avoid first-to-die trust administration and its high costs, and to allow the surviving spouse full access, management and control of all of the trust assets.

An important added benefit of such review is ensuring that the family’s assets are property titled in the Trust, and avoid accidentally triggering Probate administration at the first, or at the second death of a spouse - all good reasons to dust off an existing estate plan and ensure that it is still current, and still furthers the goals of the Settlors.