Article by Brett McGrath, Partner, Tax & Business Services, "Time for an Estate Planning Checkup," Featured in Hartford Business Journal
Hartford Business Journal
Just as we should all be going to our family doctors as we get older to make sure we are healthy and in good physical condition, everyone should also periodically have a financial checkup, including a review of your estate plan and your estate planning documents, including wills and trusts.
As a result of recent changes to the federal estate tax, as well as many state estate taxes, the urgency to review your will is at an all-time high.
Currently there are 19 states, including Connecticut, plus the District of Columbia that have estate taxes.
Eight states are ushering in changes in 2015, such as lessening the death tax bite by increasing the amount exempt from the tax, or indexing the exemption amount for inflation.