Carlson Capital Management

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When Is It Time to Update Your Estate Plan?

Dan Edwards, CPA

Director of Estate Planning
507.206.2809
Email Dan

Professional Biography
Dan Edwards serves as the Director of Estate Planning as part of the Carlson Capital Management team, and as a Senior Tax Advisor as with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. As the Director of Estate Planning, Dan works closely with the CCM advisory team to deliver estate planning expertise and proactive tax planning as part of the fully integrated wealth management experience. As a member of the Tax Team, Dan has responsibility for preparation, review, and completion of individual and trust tax returns and tax projections. Dan also participates in client meetings and serves as a tax resource for clients, providing service both individually and collaboratively with other advisors, to develop customized recommendations.

Prior to joining CCM, Dan spent 24 years in the Senior Tax Director role with RSM US, LLP, where he was responsible for leading the successful growth of the trust and estate tax practice for their Rochester, Minnesota, office. He has extensive knowledge and expertise in the tax planning and compliance sector through his service as the tax director for individual, trust, estate, and corporate clients. Dan is a Certified Public Accountant (CPA) and a member of the American Institute of Certified Public Accountants as well as the Minnesota Society of Certified Public Accountants.

Dan is a graduate of the University of Iowa where he earned his Bachelor of Science in accounting. He enjoys volunteering and is currently supporting the Rochester Estate Planning Council and serving on the Board of Damascus Way. Outside of his work life and volunteer activities, Dan enjoys spending time outdoors and riding his bike. Dan and his wife Stacy reside in Rochester, Minnesota, and have three grown children.

Personal Thoughts
As soon as I started my first job after college my mother gave me some great advice--she said, “It’s not now much money you make, it’s how much you save." Over time, I began to see the additional benefit of my savings from the compound growth of the interest and dividends.

Several years ago, I decided to run a marathon, but after committing to it began to question whether I could actually do it. A friend of mine advised me to start training early and to increase my training mileage by 10% each week. I wasn’t sure I could complete the marathon, but I knew I could run 10% more than the prior week. After about four months of weekly 10% increases, my training runs were long enough that I knew completing the marathon was possible. I also began to realize how many things in life increase by compounding: knowledge, learning, relationships, and building good habits, to name a few.

It’s important to take the time to make sure all of the non-financial goals in your life also compound in growth if you believe, “The real measure of your wealth is how much you’d be worth if you lost all your money."

The one thing that has impressed me the most as I've joined CCM is the collaborative team approach we engage in to serve our clients. Having six or seven financial advisors, each with different areas of expertise, work on a client’s financial plan is clearly the best approach - producing results similar to the concept of compounding.

Dan Edwards
Dan Edwards, CPA
Director of Estate Planning

The taxation of estates is in the headlines again as President Biden and several members of congress have introduced proposals to change the law. Possible changes have included a reduction of the estate exemption from $11,700,000 to $3,500,000; increasing the top estate tax rate from 40% to 45%; taking away the basis step up at death for individuals with gains exceeding $1,000,000; and eliminating or significantly changing strategies involving trusts and the use of discounts in transactions with family members. The most recent House Ways and Means Committee proposal reduces federal exemptions to around $6,000,000, but would not eliminate the basis step up. While nothing is finalized, the changes implemented could substantially change how many individuals spend down their assets and structure their estate plans.

The Right Time

Many individuals put off making estate document changes until a new law is enacted or it’s clear a proposal will become law. While on the surface this strategy seems prudent, we caution against it since the last time there were major estate tax law changes, many attorneys were booked and had to turn away clients, which is why we encourage you to start the process now.

Tax law changes are one reason an estate plan should be reviewed, but there are many reasons your plan may need an update. The mere passage of time is sufficient to warrant a review of your estate plan. It is recommended you review the documents every three to five years or after any major life changes for you or your family. Consider the following scenarios:

  • If your marital status or the marital status of one of your children changes, it’s a good time to make sure your estate plan documents still provide the intended result upon your death.
  • The addition of a new baby or adopted child is another reason to review your documents. Make sure the person named as guardian of your children is still the person you want to fill the role.
  • Have one or more of your beneficiaries predeceased you? If so, it is important to revise your documents and/or beneficiary designations to redistribute your property among beneficiaries.
  • When you move from one state to another your estate documents will still be valid if they were properly executed in your prior state of residence, however, they should be updated to conform to the laws of the new state. Estate laws vary from state to state. For example, while most states don’t assess an inheritance or estate tax, Minnesota and a few others still do.
  • A revocable living trust may need to be updated for the named trustees and you should consider if the named personal representatives of your will are still appropriate.
  • If you’ve purchased new property, be sure you have planned for it in your estate and, if it flows through your trust, ensure that it is titled in the name of the trust.
  • Consider whether your beneficiaries have special or changed needs that you want your estate plan to address.

It’s also important to keep in mind your will and trust are not the only documents you should periodically review. Both your financial power of attorney and health care directive should be reviewed to make sure they are still in line with your desires.

Having an updated estate plan in place ensures your family knows your last wishes and will provide you with significant peace of mind. We encourage you to take some time to think through your plan and if any of your wishes have changed. If you feel you may need to make changes to your estate plan documents, or if you just want to talk through your plan, please contact your CCM advisor.


NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.

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Published November 2, 2021 Topics: Estate Planning, Estate Tax, Tax Planning

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