Estate Planning in 2026: Why Reviewing Your Plan Matters
If you haven’t already considered it, now is an ideal time to think seriously about creating or reviewing an estate plan that fits your needs. Estate planning can feel uncomfortable, but doing the work now can spare your loved ones unnecessary stress during an already difficult period of grief.
Estate planning typically involves meeting with your attorney to document who will make financial and medical decisions if you become incapacitated, and how your assets will be managed and distributed upon your death.
Despite its importance, a significant percentage of U.S. adults still do not have formal estate planning documents in place. Just as important as creating an estate plan is reviewing it regularly—generally every three to five years, or sooner if major life events occur. A personal and periodic review of your trust (if you have one), will, and powers of attorney helps ensure your documents still reflect your goals, your family structure, and the law as it exists today.
Key Considerations Heading Into 2026
Several legal, financial, and legislative factors make 2026 an especially important year to review your estate plan:
- The annual federal gift tax exclusion increased to $19,000 per recipient in 2025,(this is expected to stay the same for 2026), allowing individuals to make larger tax-free gifts without using any portion of their lifetime estate and gift tax exemption.
- Significant federal tax changes are scheduled or under active consideration beginning in 2026, including potential changes to estate, gift, capital gains, and income tax rules. Proposed legislation—sometimes referred to as the “One Big Beautiful Bill Act”—could substantially impact estate planning strategies if enacted. While the final outcome is uncertain, it is prudent to review your plan now so it can be adjusted quickly if the law changes.
- Many individuals have experienced significant changes in asset values over the past several years, including homes, investment accounts, retirement plans, and closely held businesses. These changes may warrant updates to beneficiary designations, funding provisions, or trust structures.
Even if no immediate legal changes occur, proactive planning allows flexibility and avoids rushed decisions later.
Common Life Events That Should Trigger an Estate Plan Review
The following events often signal that it’s time to revisit your estate planning documents:
- Changes in tax laws, particularly those affecting estate, gift, inheritance, generation-skipping, capital gains, or income taxes.
- Purchase of a home or investment property, which may require updating how assets are titled—especially if you have a trust.
- Receiving or inheriting substantial assets, such as business sale proceeds, investment windfalls, or large inheritances.
- A decrease in overall assets, whether due to market volatility, business losses, or real estate value changes.
- Changes in marital status, including marriage, divorce, or the death of a spouse.
- Becoming a parent or welcoming additional children, which often requires naming guardians and creating or updating provisions for minors.
- Children reaching adulthood, allowing guardianship provisions to be removed and adult children to be named as agents under powers of attorney.
- Retirement or approaching retirement, when beneficiary designations, tax efficiency, and long-term care planning become increasingly important.
- Death or incapacity of a named beneficiary, trustee, executor, or agent, requiring replacements or structural changes.
- Relocating to another state, as estate and tax laws vary significantly across jurisdictions.
2026 Planning Watch: What to Keep an Eye On
As we approach 2026, several potential federal tax law changes could affect estate planning strategies. While no final legislation has been enacted yet, proposals currently under discussion may include:
- Estate and gift tax exemption changes
Current law schedules a significant reduction in the federal estate and gift tax exemption on January 1, 2026. Some proposed legislation would instead extend or increase the exemption. The final outcome will depend on Congressional action. - Generation-skipping transfer (GST) tax considerations
Any change to the estate and gift tax exemption would likely impact the GST tax exemption as well, affecting multi-generational planning strategies. - Capital gains tax treatment
Future legislation may revisit capital gains tax rates or the step-up in basis rules at death, which could influence decisions about lifetime gifting versus holding assets until death. - Income tax planning opportunities
Changes to individual income tax brackets, deductions, or surtaxes could alter the optimal timing of asset transfers or trust distributions. - Trust and planning flexibility
Given the uncertainty, estate plans that incorporate flexibility—such as disclaimer provisions, trust protectors, or powers of appointment—may be better positioned to adapt if the law changes.
How We Can Help
At Tritch Buonocore Law, estate planning, asset protection, and trusts are just the beginning. We are committed to giving you true peace of mind through clear guidance and a full understanding of your options. Our goal is to make the process simple, approachable, and stress-free, so you can focus on your spouse, your family, and the adventures ahead.
We welcome new clients with a 30-minute meet-and-greet consultation. Reach out at (480) 525-6244, email us, or visit our website whenever you’re ready.
