The Importance of Estate Planning in 2021
From 2021 to 2025, individuals have a unified $11.7 million estate and gift exemption, with wealth transfers exceeding that amount subject to a top tax rate of 40%. These terms are set to expire at the end of 2025, which means we think high-net-worth individuals need to start thinking now about possibility of higher taxes in the future.
In our view, it doesn’t matter if your net worth is $1,000,000 or $10,000,000 – we think it is critically important to make sure the wealth you accumulated is passed to family or charity according to your wishes. Now might be just the right time to start your estate plan or to fine tune it and make sure it is up-to-date.
In this post, Ascension offers six Estate Planning considerations for 2021 and beyond.