When it came to his estate plan, Mr. Hendry, like many others, was not terribly interested in digging through hundreds of pages of legal papers.
An estate plan is used to provide directions on where to distribute assets after death. Currently, the unified credit is $11.58 million per person. That means that a married couple can shield more than $23 million from estate taxes and can efficiently allocate more money to heirs.
A more detailed spreadsheet allows people to tweak how much is going to each heir, and to see what the estate tax ramifications are depending on what assets are transferred, how they’re transferred and when they’re transferred.
References:
Sullivan, P. (2020, July 24). Need Help With Your Estate Plan? Go With the Flow, Advisers Say. Retrieved August 03, 2020, from https://www.nytimes.com/2020/07/24/your-money/need-help-with-your-estate-plan-go-with-the-flow-advisers-say.html