Most of us can not plan when we will pass away. It could happen tomorrow or in 20 years. The inability to plan for when you will pass away can create problems for your estate. Because the estate tax changes almost every year, you need to have a flexible estate plan that can absorb those changes.
If you die in early 2022, the estate tax only affects estates that are over $12.06 million. If Congress passes certain pending legislation, that might change.
You really should not have to worry about the estate tax limitations from year to year. You can create an estate plan that does what you want, can be adjusted in case of future law changes and leaves enough liquid assets for your heirs to pay any estate tax.
You should revisit your plan from time to time to account for dramatic shifts in your situation including financial, familial and legal. Now is a good time to revisit any old plans, for example, just in case your time runs out next year. Talk to an experienced and qualified estate planning attorney about how you can better protect your heirs from burdensome estate taxes.
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