With all the uncertainty we have faced during the COVID-19 pandemic, the need for effective estate planning has become more apparent than ever. Further, the prospect of significant changes to the federal transfer tax regime makes 2021 the perfect time for attorneys to help their clients focus on updating outdated estate planning documents, create new documents to ensure assets pass to clients’ intended beneficiaries, and advise clients about wealth transfer techniques to take advantage of the current federal transfer tax laws before any changes occur.
If 2020 has taught us anything, it is to expect the unexpected. So now, more than ever, is an ideal time for clients to review or put in place their “basic” estate planning documents—wills, revocable trusts, powers of attorney, and health care directives—to ensure they are up to date, accurately reflect their wishes and are flexible enough to take into consideration potential changes to the transfer tax laws.
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