There is a new paradigm in estate planning.
Three major changes have profoundly affected the estate planning world.
- The 2012 American Taxpayer Relief Act (ATRA) with its increase in the estate tax exemption to over $5,000,000 as the lead game changer. Estate Taxes have been eliminated for most Americans.
- Wisconsin last December passed the new Uniform Trust Code which took effect on July 1, 2014.
- The US Supreme Court Decision in Clark v. Rameker that inherited IRA’s are not creditor protected.
I will give each of these items further discussion in upcoming articles.
My Recommendation: All trusts and estate plans prepared prior to 2012 should be reviewed.