The Price of Planning Ahead INFLATION’S HIDDEN IMPACT ON YOUR ESTATE ago. Homes, cars, and investments all fluctuate in value due to inflation. In the 1950s, the average home sold for about $7,400. Today, it’s well over $370,000. Wages have also increased, albeit at a slower pace. That gap explains why inflation matters when estate planning.
Most of us notice inflation when we check out at the grocery store, not when we think about our estate plan. Prices for everyday items are creeping up, but those same price changes can also impact the value of what we own. When that happens, our estate plan may need a second look. Inflation means that money doesn’t stretch as far as it used to. A dollar today buys less than it did a few years
When the cost of goods and property rises, the total value of our estate rises with it. That sounds positive, but it can also push an estate closer to federal or state tax thresholds. A house valued at $1 million today might be worth $1.5 million in a few years, and that extra half-million could create new tax questions. Families sometimes find themselves paying more in taxes, only to watch those assets drop in value soon after. The best way to handle this issue is to plan early and keep your plans updated. We can start by reviewing our estate annually and comparing it to current tax limits. Adding beneficiary designations to accounts, such as life insurance or retirement funds, keeps those assets outside the taxable estate. Giving modest gifts to family or charities can reduce overall value while allowing us to see the results in our lifetimes. Inflation is constantly changing, and our plans should adapt to it accordingly. Reviewing what we’ve built every year helps ensure that our loved ones receive what we intend, without unwelcome surprises when the time comes.
MEET THE BEAR WITH A BIONIC PAW A SECOND CHANCE FOR VASI
On the outskirts of Bengaluru in India, a rescued sloth bear is getting around on all fours again. His name is Vasikaran (Vasi, for short), and after years of moving gingerly on three legs, he’s making history. At the Bannerghatta Bear Rescue Center, Vasi recently became the first animal of his kind in the world to receive a prosthetic paw, and his caregivers say he’s taken to it with ease. Vasi’s story began with tragedy. Years ago, he was caught in a poacher’s wire snare that left his back paw so badly injured it had to be amputated. Wildlife SOS, a nonprofit that rescues and rehabilitates India’s wildlife, brought him to the rescue center over five years ago. Once he recovered, the staff realized he couldn’t survive in the wild with only three working legs, so they built him a permanent home. Vasi, who’s known for his calm personality
and love of peanut butter, quickly became one of the team’s favorite residents.
Then came the chance to give him something more. Derrick Campana, founder of Bionic Pets and known for fitting prosthetics on everything from raccoons to elephants, took on the challenge of designing one for a wild bear. First, the team helped Vasi adjust by wrapping his leg in soft cloth. Once the bear grew comfortable, Campana created a mold and built a custom paw using plaster for flexibility and crampons to mimic claws. When Vasi tried it on, he stood taller. Soon, he was walking evenly and balancing his weight on all four legs. Caregivers say it improved his confidence, posture, and mood. The device is removed occasionally to keep it from
irritating him, but most days, he strolls through his enclosure without any issue.
Vasi’s now walking around the way he was meant to and thriving because of it. For him and everyone who helped him get there, that’s what a happy ending looks like.
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