In Maine significant changes will occur in 2016. Namely, the Maine Estate Tax Exemption amount will increase to match the federal amount, which is currently $5.43 million for each spouse. Therefore, individuals who die after January 1, 2016 will be able to use the $5.4 million exception amount when considering estate tax liability at both the state and federal levels.
Also, have any significant personal changes occurred in your family, such as marriages, divorces, births or deaths of family members? These changes can affect your current planning including your Durable Power of Attorney, Health Care Directive, or a Revocable Trust, even though there may not be any tax ramifications. Your Estate Plan should mirror your life’s evolving changes, plans and expectations.
At Libby O’Brien Kingsley & Champion, LLC, we pride ourselves in putting our clients’ needs first, and we focus on helping you see a clearer future, the way you envision. Please contact one of the attorneys in our Wills, Trusts & Estates practice group to arrange a review of your current plan, and how we may be able to help you feel assured that your wishes for your estate remain true and effective.