Several new laws go into effect this year that mean you should review your estate and Medicaid planning to make sure you are taking full advantage of the new laws and avoiding traps for the unwary and unprepared.
The federal estate tax exemption (the amount you can leave to people other than your spouse without a federal estate tax) has been increased to $1,500,000 and the generation skipping tax exemption (the amount you can leave to grandchildren without a federal tax of 48%) has also increased to $1,500,000. This means, with proper planning, more money can be left to your heirs without taxes. Remember that your home, retirement plans and life insurance are all included in your estate, so it can add up quickly.
Read more: Estate and Medicaid Planning Advice for the New Year