When the 7520 rate is low—as it has been for 15 years—opportunities for good planning abound. However, what about when the rate is high? Few estate planners have needed to ask themselves that question until very recently.
Estate planning takes a lot of time, but another factor that needs to not be overlooked is having a power of attorney.
An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a good question.