Estate planning is not just about your assets that have a substantial monetary value. Sometimes sentimental items can be even more important to your heirs.
With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax. In 2017 the tax affects only estates over $5.49 million, meaning that for more than 99 percent of Americans, it's already been repealed. With no estate tax, do you still need a trust? While trusts can be used to shelter assets from the estate tax, trusts have many other valuable estate planning uses.
If you intend to leave assets to a loved one with special needs, his or her eligibility for government benefits could be put at risk in the absence of proper planning.