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Estate Planning

Some of our clients had estate plans that mandated the funding of a bypass trust when the first spouse dies. This made sense when estate tax limits were much lower. But with today’s higher estate tax limit ($23.2 million per couple in 2020) and portability of exemption, a bypass trust may be unnecessary, and in fact may result in higher taxes.

Our Service: For clients with estate plans that are out of date, we refer them to estate attorneys to evaluate their plans to see if they need updating. Since we are not attorneys and do not provide legal advice, the outside expertise is necessary. At the client’s request, we accompany them when they meet with the estate attorney.

The Impact: Clients end up with a current estate plan that more closely reflects their values, and that is more in alignment with current estate tax law.

(Note: This is similar to a real situation, but these are not actual clients. This description is hypothetical and for illustrative purposes only. This is not an endorsement or statement of client experience.)

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