The new tax law makes significant changes to federal tax law and has implications for your existing estate plan. The following is a list of issues to consider when determining whether to update your estate planning documents. 1. Will the new federal tax law change impact my estate plan? The new tax law increases the federal exemption amount from $5,600,000 in 2017 to $11,200,000 in 2018. As a result, there will no longer be any federal tax assessed on estates valued between $5.6 million and $11.2 million. Many estate plans created marital trusts to avoid having to pay any estate taxes on the first spouse’s death. The increase in the federal exemption amount makes those plans obsolete. You should review your existing estate planning documents to ensure your plan will properly operate under the new federal estate tax thresholds. 2. How will the new federal tax law affect my state estate tax? Only individuals living in one of the fifteen states (Minnesota, Iowa, Nebraska,…

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