The new year is a perfect time for an estate planning checkup


An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan:  

2015 2016
Lifetime gift and estate tax exemption $5.43 million $5.45 million
Generation-skipping transfer tax exemption $5.43 million $5.45 million
Annual gift tax exclusion $14,000 $14,000
Marital deduction for gifts to non-citizen spouse $147,000 $148,000


You may need to update your estate plan based on these changes. But the beginning of the year isn’t the only time for an estate plan checkup. Whenever there are significant changes in your family — such as births, deaths, marriages or divorces — it’s a good idea to revisit your estate plan. Your plan also merits a look any time your financial situation changes significantly.

If you’d like us to conduct your annual estate plan checkup, we’d be happy to. Or, if you don’t yet have an estate plan, we can help you create one.


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About The Author(s)

Scott represents closely held businesses and individuals in the areas of estate planning, exit planning and wealth preservation

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