The Query: “Dear Ari, I have a Will and a Trust that I signed back in 2008. My life hasn’t changed much since then, same house, same kids. My lawyer back then told me I was ‘all set.’ Is there really a reason to spend time and money reviewing it now? Or is an estate plan like a fine wine that just gets better with age?”
The Short Answer: Unfortunately, an estate plan is more like a carton of milk than a bottle of wine, it has an expiration date. In 2026, we are dealing with a completely new legal landscape. From the $15 million federal exemption (thanks to the OBBBA) to the New York Estate Tax Cliff and the end of the “Stretch IRA,” the rules of the game have been rewritten. If you are using a 2008 plan in a 2026 world, you aren’t just out of date; you are likely leaving your family a massive, avoidable tax bill.
Ari’s Perspective: The Danger of the “Set It and Forget It” Mindset
When we sit down for a consultation, I often find that “old” plans contain what I call “poison pills”, clauses that made sense years ago but are now dangerous.
- The Federal “Sunset” That Didn’t Happen
For years, everyone was terrified that the estate tax exemption would “sunset” (drop) in 2026. Instead, the One Big Beautiful Bill Act (OBBBA) was passed, and the federal exemption actually increased to $15 million per individual ($30 million for a couple).
The Problem: Many older plans have “Formula Clauses” that automatically fund trusts based on the old exemption amounts. If your plan says “put the maximum tax-free amount into a trust,” you might accidentally lock up $15 million in a restrictive trust that your spouse can’t easily access, simply because the law changed and your document didn’t.
- The New York “Cliff” is Steeper Than Ever
While the federal government got more generous, New York remains one of the toughest places to die. In 2026, the New York exemption is $7.35 million.
The Danger: New York still has the “Cliff.” If your estate is even 5% over that $7.35 million limit, you lose the entire exemption and are taxed on every dollar from zero.
The Strategy: If your home has skyrocketed in value since 2008, you may now be “over the cliff” without realizing it. We use a consultation to see if we need to “level down” your taxable estate through gifting or specialized trusts to save your heirs hundreds of thousands in NY state taxes.
- The SECURE Act
(The Death of the Stretch IRA)
Any plan written before 2020 likely assumes your children can “stretch” their IRA inheritance over their lifetimes. That is no longer true. If your old Will names your children as direct beneficiaries of your IRA, they are now facing a 10-year tax bomb. We work with you to update your beneficiary designations to include IRA Trusts that protect that money from being wasted or seized by creditors.
- Life Happens: The “Who” and the “What”
Beyond the law, your family has changed.
The “Who”: Are your executors still healthy? Are your children still happily married? Does a grandchild now have special needs that require a specific trust?
The “What”: Do you now own a business or a vacation home that wasn’t in the 2008 plan?
Ari’s Bottom Line: The Haas & Zaltz Partnership
An estate plan is not a “one and done” document. It is a strategy that must evolve as the law, and your life, evolves. When you come in for a consultation, we don’t just look for typos; we look for opportunities. We ask: Is a Will still the best plan? Do you want to avoid probate? Do you need Medicaid protection? In 2026, “doing nothing” is an active choice to follow the government’s default plan, and the government’s plan is usually the most expensive one for your family.
See the ad on page 3.
Is your plan ready for 2026? Don’t wait for a crisis to find out your documents are obsolete. To schedule your Estate Plan Check-up, visit www.haaszaltz.com or call 516-979-1060. You can also email us at This email address is being protected from spambots. You need JavaScript enabled to view it..
