If the past year brought significant changes to your life—marriage, divorce, a new child or grandchild, a move to a new state, or changes in wealth—your estate plan may no longer reflect your intentions. Estate planning is not a one-and-done exercise. Documents that were appropriate a few years ago may be outdated as family circumstances, assets, and tax laws evolve.
One of the most significant developments in estate planning is the scheduled change to the federal estate and gift tax exemption effective January 1, 2026. The exemption is $15 million per individual (and $30 million for a married couple), adjusted for inflation. This new level, established by federal legislation passed in 2025, gives many families significantly more room to transfer assets free of federal estate and gift tax — but it may also change the strategies that are most effective for you.
Even with a higher exemption, it is not only about minimizing taxes. The annual federal gift tax exclusion — the amount you may give to each person each year without using any of your lifetime exemption — remains at $19,000 per recipient in 2026. Combining thoughtful lifetime gifts with updated wills and trusts can help maximize your family’s tax-free transfers and remove future appreciation from your estate.
Updating your plan isn’t just about taxes, though. Life events often alter the people and priorities you want to protect. Beneficiary designations, fiduciary appointments, guardianship choices, and distribution terms may no longer align with your current situation if they were implemented years ago. Without updates, your estate documents may unintentionally bypass loved ones or create legal uncertainty that leads to family conflict.
The bottom line: estate planning is ongoing, not static. With recent changes in tax law and the inevitability of life’s twists and turns, now is the perfect time for a comprehensive estate plan review. Taking proactive steps today can ensure your plan reflects your goals, protects your family, and makes the most of valuable tax advantages available under current law.
Our Estate Planning practice is here to help plan for your future. Contact us to schedule a consultation and ensure your legacy is protected.
Michael Salad is an attorney in Cooper Levenson’s Business & Tax practice group. He concentrates his practice on estate and asset protection planning, probate and trust administration, special needs planning, business transactions, mergers and acquisitions and tax matters. Michael holds an LL.M. in Estate Planning and Elder Law. Michael is licensed to practice law in Florida, New Jersey, New York, Pennsylvania, Maryland, Connecticut, Georgia, Massachusetts, Alabama, Arizona, Virginia and the District of Columbia. Michael may be reached at (954) 889-1850 or via e-mail at msalad@cooperlevenson.com.
The content of this post should not be construed as legal advice. You should consult a lawyer concerning your particular situation and any specific legal question you may have.