Is Your Will Up To Date?

Is Your Will Up To Date?

If your will (or revocable trust document) has not been revised in the past five years, it’s time to dust it off and see if it still states your wishes.  Changes in your family (like new children or grandchildren, an interstate move, a marriage or a divorce) can quickly make an estate plan obsolete.

For individuals with larger, taxable estates, keeping the estate plan up to date is incredibly important.  Major estate tax changes have been enacted in recent years and and most old wills and trusts could stand a fresh look.  

Most of my clients are not concerned about federal estate taxes because the exemption is now over $5 million. Minnesota, however only has a $1.8 million dollar exemption (for 2017), so planning is often necessary to avoid (or minimize) Minnesota estate taxes.  The estate tax rate for Minnesota goes from 10% to 16%.

– Mark S Gleason CPA

– www.lakes-cpa.com

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Mark Gleason

7200 France Avenue South
Suite 328
Edina, MN 55435

Tel: 612-861-4542
Fax: 612-524-5491

mark@lakes-cpa.com

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