DNA Tests Used In Estate Planning

If it has been a while since you updated your estate plan, now is the time to review your plan and update accordingly. Failing to plan your estate may increase tax liability to your heirs.

Lacking a written plan allows:

• the state courts to split up your assets;
• assign guardians for minor children;
• chose a court appointed executor for your estate.

If you do not have a settlement plan for your final expenses the cost may increase due to administrative expenses and unnecessary taxes imposed by the State. The tax laws are ever changing, find a CPA that is well versed in your State's estate and tax planning strategies.

Here are a few tips to consider:

• Estate Tax Exemption in 2008 is $2,000,000 per person. This will increase to $3,500,000 in 2009 and then be repealed in 2010. Lifetime Gift Tax Exemption is capped at $1,000,000 per person.
• Consider giving a Gift to your grandchild in the form of tuition or medical expenses

While you are updating your estate plan, check to see that your beneficiaries have been updated as well:

• Has your family tree changed at all?
• Have there been any new births or deaths since you last recorded your estate plan?
• Do relatives by marriage need to be included in your estate plan?
• Is there perhaps a relative that you have a doubt about the biological relationship?

Today's gold standard in confirmation of biological confirmation is DNA testing. DNA testing technology has improved to the point that results from an accredited laboratory can be obtained in as fast as 3 business days depending on the relationship being tested.

Do you think in the future that your DNA profile would be a useful tool for family members? Since we do not know how the DNA industry will be eventually regulated, it is not suggested that you allow anyone else (laboratories) to store your DNA. However, a private genetic profile can be obtained and stored confidentially with other important documents. Contrary to all the hype, obtaining a private genetic profile is non invasive and not expensive. Your genetic profile may provide information to family members in the future, the benefits of which we have not yet identified.

Whether you are discussing assets, children, inheritance, family business, or final expenses, having an Estate Plan in place is essential to safeguard your loved ones' future.  Having your DNA profiled, is using today's technology to insure your family's assets stay within the family. If you spent the better part of your life creating your family's wealth, don't let it go to ruin or to unrelated individuals claiming to be entitled.