The $5,000,000 federal exemption directly relating to estate planning will come to an end in 2012. This exemption will be changed back to it’s original amount of $1,000,000.

It is important to include estate planning on your list of resolutions for the new year. Many had hoped that there would be an extended timeline on this exemption, but currently that doesn’t seem to be the case. In 2012, try focusing your efforts on the basic tools needed in estate planning and outline a plan that can easily be accomplished.

In the new year, take the time to create a living will. Living wills will document what you believe should happen to you in the case of a medical emergency. A will should also be developed, if it hasn’t already. You are able to determine how your assets will be distributed, and to whom, after you are gone. If you have already completed these tasks, then spend some time in 2012 revising their details and refreshing them if necessary.

If you have any questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-362-2865 today.