Estate-planning headlines often focus on tax thresholds. In 2026, the federal estate and gift-tax basic exclusion amount increased to $15 million per individual. For married couples, careful planning may allow two exclusions to be used, although the result depends on how the plan is structured and the required elections are handled.
Federal estate tax is unlikely to be the central concern for most families. Their plans still need to establish who can make decisions during incapacity, how assets will transfer, when beneficiaries receive control and how dependants or other family members will be supported.
Those instructions also need to agree with retirement-account beneficiaries, insurance policies, property ownership, business interests and the financial plan followed during the owner's lifetime.