For most individuals – about 99.9% – estate taxes are no longer a concern thanks to the recent “fiscal cliff” legislation. However, that does not mean that estate planning is no longer necessary. The non-tax reasons for creating an estate plan, such as to nominate a guardian and conservator for minor children, to prevent the necessity of a guardianship or conservatorship for you in the event of an incapacity, to ensure that your assets are distributed according to your wishes after your death, and to avoid the need for a probate estate, are often more important than the tax reasons for creating an estate plan. It is time to get “back to the basics” with estate planning!
