Instead, they placed the items in a charitable remainder trust, received a tax deduction for part of the value, received income from the trust and then gave a sum to a charity of their choice.
A more present sense of one’s own mortality may drive those who have not made plans before to begin the process of creating an estate plan. For those who have existing plans, are they up to date? How does the changing economic environment affect prior decisions?
If you have children or are expecting one, you may also want to take the three big estate planning steps that we did.
If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.