For those of you who follow such things, the passing of the 2013 Tax Act – which established a $5.25M per person estate tax exemption (indexed for inflation) was welcome news for higher net worth families. But estate planning and financial professionals warn (as illustrated in this NY Times article titled “Estate Planning Remains a Moving Target Under the New Tax Law) that the good news on the tax front doesn’t warrant complacency or ignorance of the need to set up an estate plan. Avoiding or minimizing estate taxes are just one component of a comprehensive estate plan. A plan is still needed for managing financial and medical affairs during incapacity and protecting beneficiaries from creditors or losing assets in a divorce.