Wills

Notwithstanding what is a very generous estate tax exclusion (at the federal level), wills are still very important for most people/families – for matters that can be far more important than just money. Thus, all of our readers are urged to consider having their wills done – and at least in part relevant to this release, updated. There is now effectively a $15 million exclusion per person, 30 million exclusion for a married couple (again, this is just at the federal level). If we go back a number of years, were looking at something now that is 15 times what was excludable several years ago.  

As a result, it is possible that even recently done wills may need to be revisited. Because of the new tax law, there may be terminology in wills that leaves too much money, too big of a portion of the estate, to either a non-spouse or to a spouse, or to anyone – it depends of course on your particular will. This may be especially important where you are involved in a second marriage, and one or both of those in the second marriage have children from a prior marriage. Also keep in mind, especially as to New Jersey, with the recent change (New Jersey no longer has an estate tax, effective 2018; though it still does have an inheritance tax), such change at the state level may (again depending on the wording in your will) have some form of a related or spillover impact as to aspects of your will.  

~Kal Barson