Do I Need an Estate Plan?

A lot of our conversations start this way …

“We just need something simple. We don’t have much, just our home, some savings, a small investment account, and our retirement account. What do we need to do, and how much would that cost?”

Most families don’t have an estate tax problem, unless they own a successful small business. As recently as 1997, the estate tax was 55% on everything over $600,000 assets. Fast forward to 2024, and we enjoy a generous $13,610,000 limit per person and a top rate of 40%. Married couples enjoy a combined $27,220,000 that they can give or leave to heirs at their deaths.

Estate taxes are about to become a bigger problem in 2025, unless Congress acts, as the current law is scheduled to sunset, or expire. If the current law does sunset, the limit will revert to $5 million per person.

If you are like our frequent callers, and don’t have a taxable estate, do you really need an estate plan? The short answer is yes, for a host of reasons. Read on to learn why.