After spending decades working hard, saving money, and building your investments, there's one more step you don’t want to put off—deciding how you want those assets passed on to your loved ones.

That’s where estate planning comes in.

While many are good about setting aside money and planning for retirement, some delay figuring out what happens to their money and property after they’re gone. But avoiding this topic can be costly—especially with estate tax laws constantly evolving. Congress is currently debating changes that could impact how much of your wealth your family, friends, or charities actually get to keep.

Estate Planning is Not Just for the Wealthy

Estate planning often gets pushed aside because it feels complicated or only necessary for the ultra-rich. But the truth is, it’s important for everyone—whether you have a large investment portfolio or just want to make sure your home and savings go to the right people.

Getting your estate plan in order helps you:

Protect what you’ve built
Avoid unnecessary taxes and probate fees
Support the causes and people that matter most to you

And the sooner you start, the more flexibility and options you’ll have.

Estate Tax Exemptions Are High—For Now

Right now, the rules are pretty generous.

In 2025:

An individual can pass on up to $13.99 million tax-free
A married couple can pass on up to $27.98 million

These high thresholds were part of a 2017 tax law and get adjusted each year for inflation.

But here’s the catch: unless Congress acts, those limits will drop by half in 2026—down to about $5.5 million per person. There’s a proposal to keep the higher limits and even raise them to $15 million per person, but it hasn’t passed yet.

If your estate is close to or over these thresholds, now is the time to plan.

Gifting Is a Simple, Powerful Strategy

Want to reduce the size of your taxable estate while helping your loved ones right now? Gifting is one of the easiest ways to do it.

In 2025, you can give up to $19,000 per person each year without it counting against your lifetime limit. So if you and your spouse have five grandchildren, you could give them a total of $190,000—every year—completely tax-free.

And here’s the key—the earlier and more consistently you gift, the more impact it has over time. Especially if you’re giving assets that are likely to grow in value (like stocks or property), because all that growth happens outside of your taxable estate.

Don’t Forget State Taxes

Even if federal estate taxes don’t apply to you, your state might still take a cut.

Some states—like Florida and Missouri—don’t charge estate taxes at all. Others—like New York and Massachusetts—have much lower thresholds and could tax estates that wouldn’t be taxed federally.

That means if you live here in Missouri, your estate only needs to consider federal estate tax rules, not an extra layer at the state level.

And just like federal laws, state tax rules can change, which makes it all the more important to review your estate plan regularly.

Trusts and Other Tools: More Than Just a Will

A will is a good start—but many people need more. Trusts and other estate planning tools can offer greater control, privacy, and protection.

For example:

With a trust, you have much more control over how your estate is settled or what beneficiaries will receive. A will, could require your estate to go through probate court to be settled.
Charitable Remainder Trusts let you support a cause you care about while still providing income to your family.
The stepped-up basis rule lets your heirs avoid capital gains taxes on appreciated assets (like a house or stock), which can save them a lot of money.

All of these options come with their own pros and cons, but with the right advice, they can be tailored to your goals.

Start Now, Stay Flexible

Estate planning doesn’t have to be overwhelming—but it does need to be thoughtful and ongoing. Laws change, markets shift, and your personal goals may evolve too.

That’s why we recommend reviewing your estate plan regularly—and especially if:

➡️ There’s a major change in your family

➡️ You move to a new state

➡️ Tax laws get updated

➡️ Your financial situation significantly changes

With proper planning, you can protect your wealth, take care of the people you love, and leave a lasting legacy that reflects your values!

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