Guest Commentary: Jeffrey Gehring on Estate Law and Planning

Jeffrey L. Gehring
Dickinson Wright PLLC
300 W. Vine Street, Suite 1700
Lexington, KY 40507
(859) 899-8713
jgehring@dickinson-wright.com

 

Personal & Professional Journey

What inspired you to pursue a career in estate law, and what has kept you passionate about it over the years?

• I really love the intersection of the technical rules related to trusts and taxes with the “softer” aspects of family dynamics and personal goals/objectives.  It requires a combination of skills, but it is very rewarding to find the right solution for a client’s situation

 

What types of clients or situations do you find most rewarding to work with, and why?

• I really enjoy working with business owners and multi-generation families – Honoring the efforts of the founders through an effective and efficient plan is very rewarding.

 

Current Trends & Work

What are the most common mistakes you see families or business owners make when it comes to estate planning?

1. Waiting until life settles down – it rarely does!
2. Failing to communicate with beneficiaries on wishes/expectations
3. Assuming that everything will just work out because everyone gets along

 

How has estate planning changed in the past 5–10 years, and what new trends or laws should people be aware of today?

1. The estate tax exemption has increased from $5 million ($10 million for a married couple) up to $15 million in 2026 ($30 million for a married couple). This high exemption makes it easier to transfer wealth within the restrictions of the tax law.
2. At the same time, we’ve seen an explosion of wealth and liquidity for client who have sold their businesses or been well-positioned for the markets. So, while the exemptions are higher, many families have more wealth to be planned for.
3. Complexity of family dynamics and relationships – the so-called traditional family situation is much less common.

 

Practical Guidance

For someone who hasn’t updated their estate plan in a while, what are the top three things they should review right now?

1. Make sure your Power of Attorney is up to date. While a Power of Attorney doesn’t expire, sometimes banks are reluctant to honor a Power of Attorney if it was executed a long time ago. I would recommend updating at least every ten years.
2. Review fiduciary designations (e.g. executor, trustee, power of attorney) to see if any changes are needed
3. If your estate plan is premised on the estate tax exemption amount, you should review it to see if it still best addresses your current situation

 

What advice would you give to business owners or high-net-worth families when it comes to preparing for a transition of wealth?

1. Start early
2. Communicate your goals/expectations/timing to other stakeholders
3. Consider equity ownership and management/control as separate issues to be addressed separately

 

Personal Touch

What do you wish more people understood about estate planning that could save them time, money, or stress down the road?

1. The process of identifying your goals, objectives and issues is just as important as making sure your documents effectively implement the plan
2. Working with trusted advisors should relieve uncertainty, stress or worry through the process
3. It’s not usually “one and done” – Your estate plan should be adjusted as life changes.

Outside of your legal work, what values or experiences shape how you guide clients in making long-term family decisions?

1. It is important to preserve family harmony if at all possible
2. Make the transition of wealth a positive for both the “giver” and the recipient
3. Recognize that leaving a legacy is so much more than just a number on a net worth statement