Estate Planning in Uncertain Times
By Claire Crowley and Ben Palkowski, Old Colony Law
Published in Northampton Living February 2025
Our futures feel increasingly uncertain. Many of us find ourselves living in a time that feels as unstable as a wobbly bar stool – accidentally lean in the wrong direction and you risk spilling your drink. We can trace some feelings of unease to politics, the cost of living, caring for an increasingly aging population, market fluctuations, and natural disasters. This list alone is enough to make many of us adopt a wait-and-see-what-happens approach because we don’t feel like we have any control over these issues. But why not take as much control over the future as you can now?
As estate planning attorneys, it’s our job to make sure our clients are prepared. We don’t have all the answers – although our office on Route 9 in Hadley is located near a psychic – but we do know that estate planning can ease some of the most common concerns we hear, including:
EXPERT CONTRIBUTOR
What if the estate tax laws change?
How can I avoid putting my loved ones through probate?
What will happen to my child’s inheritance if they get divorced or can’t manage their finances?
Will the government take my house from my children after I’m gone?
By doing your estate planning now, you are taking control over these questions and avoiding the potentially devastating results of the wait-and-see approach. Estate planning allows you to put the full force of the law behind your wishes and play defense against situations you might not have considered.
Estate planning is about protecting your family, your hard-earned assets, your home, and your privacy from government intrusion, taxes, court expenses, and family discord.
Many people tell us that they have delayed updating their estate plans because of the changes in tax law. Major updates to the federal tax code are expected this year, including the federal estate tax exemption amount. However, tax law is certain to remain uncertain and the tax code changes whenever Congress changes its mind. We create estate plans that adapt to the tax law, making sure your documents are durable enough to adapt to changes without requiring annual updates.
Estate planning also protects you against life's unknowns. If you become temporarily or permanently incapacitated without an estate plan because of an accident or illness, the government could simply appoint someone – even a complete stranger – to access your most private and important affairs without your input. Imagine a court-appointed stranger making your health care decisions, reading your mail, and accessing your financial accounts. Wouldn’t you rather take control and name someone – a trusted friend or family member to act on your behalf – now?
In the face of uncertainty, the best gift you can give yourself and your loved ones is a plan.
More Articles from this Expert
