Tax laws that affect estate planning can change significantly.
“Things change from year to year,” says Elizabeth Rumley, staff attorney with The National Agricultural Law Center at the University of Arkansas. “As long as Congress keeps putting in these short-term fixes, it’s important to review your estate plan with a lawyer as the laws change,” Rumley said during a succession planning seminar at World Dairy Expo in October.
An attorney also can help you work through how you want your transition plan to take place.
“The most important thing is that it’s something you are happy with (and) it’s something that is right for your family,” Rumley said.