National Estate Planning Awareness Week serves as a reminder of the importance of estate planning and why it is a vital component of financial wellness.
Dr. Janice Egeland's Legacy of Parkinson's Research
Dr. Janice Egeland, a renowned researcher, dedicated her life to studying genetic conditions. After witnessing the impact of Parkinson's disease (PD) on her loved ones, Janice decided to leave a significant portion of her trust to Parkinson’s research. With the guidance of her close friend and CPA, Diane Reed-Reynolds, Janice ensured that her estate would support The Michael J. Fox Foundation. Her story reminds us of the power of estate planning to create a lasting legacy and impact in the fight against PD.
What Is National Estate Planning Awareness Week?
National Estate Planning Awareness Week is a national campaign held annually in October. Its purpose is to raise awareness about the importance of estate planning and encourage people to create or update their plans.
No matter your age or financial status, everyone needs an estate plan. With one, you ensure your loved ones are protected, your assets are distributed as you desire and you are able to support the causes you are most passionate about — like sustaining The Michael J. Fox Foundation’s urgent work to find innovative new treatments and a cure for Parkinson’s disease.
Did You Know The Tax Cuts and Jobs Act (TCJA) Could Impact Your Estate Plan?
Many of the provisions included in the TCJA of 2017, such as simplified income tax rates, increased child tax credits and a larger standard deduction, are set to expire in 2025 if Congress does not extend them. If the TCJA sunsets, these items could all revert to 2017 levels with an index for inflation.
The 2017 federal estate tax exemption limit for an individual was $5.49 million. Indexed for inflation, this is roughly $7 million today. Estates valued above the exemption are subject to the federal estate tax (40 percent) on the amount that exceeds the limit.
There may be tremendous incentive for charitable giving that would benefit both you, as a donor, and The Michael J. Fox Foundation if the TCJA expires. We encourage you to consult with your counsel or financial planner for the most personalized guidance but look forward to sharing new opportunities should current laws change.
Why should I care about my will when facing a Parkinson’s diagnosis?
Having a will or estate plan protects your family and can ensure that you are supporting the causes you care most about. Our virtual talk on-demand can help answer your questions on the importance of having a will and provide practical ideas that you can pursue with your attorney, accountant or financial advisor to help you or a loved one who’s living with PD.
Leave a Lasting Legacy
Jeff and Connie Jacobs’ lives were changed when Jeff’s father, John, was diagnosed with Parkinson’s disease (PD). Jeff became his primary caregiver, and a few years later, Connie was diagnosed with PD as well. With another loved one diagnosed with PD, Jeff began looking for ways to contribute to research. That was when Jeff and Connie decided to include a bequest to The Michael J. Fox Foundation in their trust, ensuring that their legacy is finding a cure for others.
How do I create a will?
Creating a will is more than just a legal process, it’s an important way to ensure that your heirs are protected and the causes you care about the most are supported. We know that creating a will can at times feel confusing or daunting, that’s why we want to give you the resources to make the process simple and easy. Check out our guide to get tips for making and updating your will.
When is the right time to update my will?
Have you been thinking about updating or creating your will, but don’t know if it’s the right time? We can help with that. It is never too late or too early to update your will to reflect your current desires. Check out our guide to learn more about why you should take the time to update your will.
Including MJFF in your will makes the biggest impact on Parkinson’s research
Connect directly with our Planned Giving team at The Michael J. Fox Foundation (MJFF) to learn more about making or updating your will and discuss the ways to support Parkinson's research. If you have already included MJFF in your will, let us know so we can invite you into our Legacy Circle.