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Category: Estate Planning and Administration

Use It or Lose It – the Estate Tax Exclusion Amount May Drop!

At the end of 2025, unless action is taken by Congress before that date, the federal estate tax exclusion amount is going to “sunset”.  That means that it may nosedive to half of the current amount of $13,160,000.  Most estate planning professionals predict that the exclusion will drop to around $7 million.  That means that everyone who has been relying on the $13 million exclusion amount may suddenly find themselves with estate tax liability.  The people that would be affected are those of single individuals with assets over $7 million or married couples with assets more than $14 million but less than $25 million.

What Should I Do With My Living Will After I’ve Signed It?

The Health Care Power of Attorney and the Advance Medical Directive are critically important estate planning documents. The Advance Medical Directive (often called a “Living Will”) allows you to make your wishes known about whether to withhold life support in certain contexts. The Health Care Power of Attorney allows you to name someone (usually called an “agent” or an “attorney-in-fact”) to make healthcare decisions for you, in the event you are incapable of doing so yourself.