Time to Review Your Estate Plan
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CANTON, Mich. - Michimich -- As the year comes to a close, it's a great time to review your estate plan and ensure that it's up-to-date and consistent with your long-term family goals. Estate planning is more than just drafting a will, filing it away, and hoping for the best; it's a dynamic process that should be reviewed periodically.

Generally, estate plans should be reviewed every five years or in conjunction with a major life event to ensure that your plan is up-to-date and consistent with your long-term family goals. The following are some updates for estate planning in 2022 and a few tips to keep in mind as you navigate the process:

2022 Estate and Gift Exemption Amounts: Each year, the U.S. Treasury updates for inflation the annual lifetime gift and estate tax exemption amounts along with periodically updating the annual gift tax exclusion amount. The lifetime U.S. gift and estate tax exemption is up to $12,060,000 (an increase of $360,000 from 2021 tax year).

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Basic Estate Planning: For most families, a basic estate plan will include a will, possibly trusts (for example, a living trust), powers of attorney (financial and health), and letters of intent. A will discusses what happens to your estate upon passing and who assets go to, along with who you'll entrust to manage your estate as executor or a trustee of a trust. For assets that pass outside a will, for example, retirement accounts, having updated beneficiary designations is also important to review. A good rule of thumb is to review your estate plan every five years or so to assess whether your estate planning documents still reflect your goals. Some of the significant life events listed below can also trigger a review of your estate plan. Above all else, communication is key so that family members are aware of the estate plan in place. If you don't have a qualified estate plan, or need a new recommendation, please contact T.L. Morson and Associates, PLLC.  We are happy to help.

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Review for Life Events: Life happens, and with that, estate plans should be updated to ensure they reflect your family values and planned legacy. Below are some common life events that may cause a review in your plan:

• Marriage, divorce, or separation
• Birth or adoption of a child
• Death of a spouse or family member
• Change in financial status
• Change in health status
• Change in residence or citizenship
• Change in business interests
• Change in tax laws

Above all else, remember that estate planning is a dynamic process that should be reviewed periodically. Life can change in the blink of an eye.  Take the time to review your estate plan and ensure that it's up-to-date and consistent with your long-term family goals.
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