A number of surveys over the last few years report that between 55% and 70% of adults in the United States don’t have an estate plan or have a plan that is outdated. The reasons given for their failure to plan and/or update their estate planning documents are myriad, and include, 1) I don’t have the time, 2) my estate isn’t large enough to worry about, 3) planning is too expensive, 4) I don’t like to think about my death and, my favorite, 5) there’s no estate tax so I don’t need an estate plan. Brilliant.
As you might expect, I receive a ton of questions every day about how the new tax law is going to affect individual, business, trust and estate planning. And, as you might expect, my answer is always quite lawyerly - it depends.