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General Mills Employees: 10 Estate Planning Mistakes That Can Derail Your Legacy

'For General Mills employees, reviewing your estate plan every few years is essential to keep pace with evolving family needs, tax law changes, and shifting financial priorities.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.

'General Mills employees who revisit their estate plans regularly are better positioned to adapt to tax law changes and life transitions that could otherwise disrupt long-term goals.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

How changing life circumstances and tax laws may impact the effectiveness of your current estate plan.
Key estate planning components—such as trustees, health care directives, and trust structures—that may need to be updated.
Practical steps for General Mills employees to keep their estate plans aligned with long-term financial and family goals.

Many individuals draft an estate plan—including health care directives, powers of attorney, trusts, and wills—and then set it aside for years. However, life circumstances, tax laws, and legal frameworks often shift over time. For General Mills employees managing long-term financial objectives, revisiting an estate plan every three to five years—or after major changes—helps keep the plan aligned with current needs.

Ten Signs Your Estate Plan May Be Outdated

1. Executors and Trustees: Are They Still Suited for the Role?

Executors and trustees carry major legal responsibilities, such as handling assets, filing tax returns, distributing funds, and acting on behalf of beneficiaries. These appointments may have been made under circumstances that no longer apply.

- An executor may now be unable to serve due to health, relocation, or passing.
- Professionals named in the plan may have retired or exited the industry.
- Corporate fiduciaries may have undergone mergers or changes in structure.
- Adult children listed as successors may now have other obligations or limitations.

General Mills employees may benefit from re-evaluating each fiduciary’s availability, financial awareness, and overall relationship with the family.

2. Trusts for Children: Have They Aged Well?

Trusts are often structured for minor children, outlining distribution ages and guardianship roles. But over time:

- Guardianship provisions may be unnecessary if children are now financially independent.
- Distributions set for age 25, 30, or 35 may have occurred or require adjustment.
- Direct distributions might expose funds to potential claims in divorce or lawsuits.
- Children’s maturity, spending patterns, or marital status may differ from earlier expectations.
- Beneficiary designations on insurance or retirement plans may now conflict with trust goals.

- It’s worth assessing whether trust terms and retirement designations continue to reflect intended outcomes.

3. Health Care Proxies and HIPAA Authorizations

- If HIPAA authorizations are outdated, health care agents may be blocked from accessing vital medical information.

- Without authorization, hospitals may limit updates or exclude family from treatment discussions.
- Delays can affect treatment decisions and family coordination.

General Mills employees should verify that HIPAA documents are up to date—and that adult children, particularly those living independently, have health care directives of their own.

4. Growing Wealth and the Estate Tax Landscape

As of 2025, the federal estate and gift tax exemption is $13.99 million per individual and $27.98 million for couples. The annual gift tax exclusion is $19,000 per recipient.

However:

- These elevated exemptions are temporary and expected to sunset in 2026.
- Trust formulas created under prior laws may no longer be suitable.

General Mills executives nearing the exemption limit may want to speak with advisors about reviewing their gift strategies and trust funding formulas.

5. State Residency and Legal Nuances

Estate laws differ significantly by state:

- Some states assess estate or inheritance taxes at lower thresholds than federal law.
- Community property vs. common law distinctions can change how assets are divided.

If a General Mills employee has changed residency since creating their plan, a legal review may be warranted to enhance compliance with current state laws, particularly in states with unique estate tax structures like Massachusetts, Oregon, Washington, or Minnesota.

6. Portability and Credit Shelter Trusts

A surviving spouse may use any unused federal exemption from the deceased spouse through portability, but:

- A federal estate tax return is required within nine months of death (15 months with extension).
- Before portability, credit shelter trusts (CSTs) were common to preserve exemptions.

- Although no longer needed for federal purposes in some cases, CSTs may still be helpful for managing state or generation-skipping transfer (GST) taxes. Disclaimers and updates to trust structures may provide additional flexibility.

7. Charitable Giving: Aligning Purpose with Planning

Charitable giving is often a priority—but sometimes not reflected in estate documents. Potential planning tools include:

- Specific gifts to charities listed in a will or trust.
- Use of charitable lead or remainder trusts.
- Donor-advised funds or private family foundations.

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General Mills retirees who value philanthropy should evaluate how well their estate plans incorporate these goals, and whether doing so could lead to tax advantages.

8. Estate Taxes vs. Income Tax Implications

Earlier estate plans emphasized reducing estate taxes, but income tax considerations are now equally important.

- The federal estate tax rate is 40%.
- Federal income tax rates can reach 37%, capital gains up to 20%, plus a 3.8% surtax.
- Trusts reach the highest tax brackets with just $15,650 in income.

- It may be beneficial to shift income-producing assets out of trusts or re-evaluate distributions to individuals in lower tax brackets.

9. Life Insurance: Still a Strong Fit?

Life insurance policies created years ago may no longer align with your estate or cost objectives.

Consider:

- Does the policy still perform competitively under current conditions?
- Are premium costs sustainable?
- Is it worth transferring ownership to an irrevocable life insurance trust (ILIT)?

It’s recommended that insurance policies be reviewed periodically to determine their ongoing relevance and financial impact.

10. Communication and Digital Organization

Many estate plans lack practical execution details. Family may not know where documents are stored. Fiduciaries might not have contact details or asset lists. Digital accounts and passwords may be inaccessible.

A comprehensive letter of instruction should include:

- Contacts for attorneys, advisors, and fiduciaries.
- An inventory of assets and their locations.
- Login details for important digital accounts.

Clear planning and information access can simplify responsibilities and reduce confusion during transitions.

Bottom Line: Estate Planning Is a Process, Not a Product

As your circumstances and regulations evolve, estate documents should evolve as well. General Mills employees may consider:

- Revisiting documents every 3–5 years or after major changes.

- Involving attorneys, tax professionals, and financial advisors in reviews.

- Reassessing roles, ownership structures, and beneficiary choices.
- Including charitable goals and multi-generational intentions.

An estate plan should reflect your values and help facilitate your legacy.

Checklist: Key Areas to Review

Focus Area	Action Point
Fiduciaries	Confirm that trustees and executors are still appropriate.
Trusts and beneficiaries	Reassess terms, ages, and children's evolving needs.
Health care and HIPAA	Confirm that documents and authorizations are up to date.
Tax exposure	Compare current asset values with federal and state limits.
State of residence	Ensure estate documents align with state-specific rules.
Trust structures	Evaluate GST, CST, and disclaimer trusts for relevance.
Charitable giving	Review charitable gifts or plans embedded in documents.
Income vs. estate taxes	Assess tax impact by ownership type and beneficiary structure.
Life insurance	Re-evaluate life insurance policies for ongoing usefulness.
Communication plan	Share critical info with fiduciaries and heirs.

Legacy Planning in a Changing World

A plan drafted years ago may no longer reflect your current priorities. Keeping it updated allows for better alignment with family dynamics, tax laws, and economic trends.

Recent data indicates many individuals in their 60s fall into the 'senior sandwich generation,' simultaneously supporting aging parents and adult children. This multi-generational responsibility may require adjustments in estate planning such as modifying liquidity goals, rethinking timelines for inheritance, or creating structures that serve multiple generations.

Final Thought

An estate plan left unchanged is like using an outdated map—it may miss important updates such as new fiduciary considerations, revised tax laws, or shifts in your family’s structure. For General Mills employees focused on long-term planning, periodic updates can help your legacy reflect today’s realities.

With consistent reviews and collaboration with qualified professionals, your estate documents can remain an effective and adaptable guide for your family and financial future.

Sources:

1. Doc & Law. The Connection Between Estate Planning and Retirement Planning. Doc & Law LLP, May 2025, pp. 1–3.

2. JustVanilla: Why You Need to Periodically Update Your Estate Plan (and the Consequences If You Don’t). JustVanilla, Mar. 2025, pp. 2–4.

3. Lanza, John R., and John E. Lanza. Why Revisiting Your Estate Plan Upon Retirement Is Crucial. Lanza & Lanza LLP, 25 July 2024, pp. 1–5.

4. Allegro, Alex. “Estate Planning Steps to Protect Your Loved Ones and Legacy.” Kiplinger , 9 June 2025, pp. 2–4.

5. Kiplinger Staff. “Think a Repeal of the Estate Tax Wouldn’t Affect You? Wrong.” Kiplinger , May 2025, pp. 1–3.

How can employees of General Mills, Inc. maximize their benefits under the BCTGM Retirement Plan, and what factors are considered in determining pension amounts for those nearing retirement? This question aims to explore the intricate details of how General Mills, Inc. structures its pension benefits to support employeesâ€™ future financial stability. It's important for employees to understand the value of their years of service and how this affects their ultimate pension payout as they approach retirement.

Maximizing Benefits under the BCTGM Retirement Plan: Employees of General Mills can maximize their benefits under the BCTGM Retirement Plan by understanding how their years of service and negotiated benefit levels directly affect the pension they receive. The pension amount is determined by the length of service and a defined benefit formula based on the number of years of Benefit Service accrued. As employees approach retirement, they should consider whether they meet eligibility criteria for early or normal retirement, as these factors influence the ultimate pension payout(General_Mills_2024_Pens…).

What are the eligibility requirements for participating in the BCTGM Retirement Plan at General Mills, Inc., and how does this participation impact future retirement benefits? Employees should be well-informed about what constitutes eligibility to participate in the retirement plan. Understanding criteria such as service length, employment status, and union participation is crucial, as it directly relates to their ability to accrue retirement benefits.

Eligibility Requirements for BCTGM Retirement Plan: To participate in the BCTGM Retirement Plan, employees must be regular employees of General Mills covered by a collective bargaining agreement. Eligibility is automatic after completing a probationary period. Participation impacts future retirement benefits as employees begin to accrue pension benefits based on years of service, which contributes to their final payout during retirement(General_Mills_2024_Pens…).

In what ways does General Mills, Inc. ensure that benefits from the BCTGM Retirement Plan remain protected under federal law, and what role does the Pension Benefit Guaranty Corporation (PBGC) play in this? Knowledge of the protections available can significantly influence employees' assurance in the viability of their pension benefits. It is vital for employees to recognize how federal guarantees work in safeguarding their retirement benefits.

Federal Law Protections and PBGC's Role: The BCTGM Retirement Plan is protected under federal law, ensuring that employees’ retirement benefits are safeguarded. The Pension Benefit Guaranty Corporation (PBGC) insures vested benefits, including disability and survivor pensions, up to certain limits. This protection provides employees with assurance that their pensions are protected, even in the event of plan termination(General_Mills_2024_Pens…).

How does General Mills, Inc. address the complexities of vesting in the BCTGM Retirement Plan, and what can employees do if they are concerned about their vested rights? Vesting is a key concept that affects employees' access to benefits over their careers. Employees need to understand the vesting schedule outlined by General Mills, Inc. and the implications it has on their retirement plans.

Vesting in the BCTGM Retirement Plan: Employees vest in the BCTGM Retirement Plan after completing five years of Eligibility Service or upon reaching age 65. Once vested, employees have a non-forfeitable right to their pension benefits, which means they retain their pension rights even if they leave the company before reaching retirement age(General_Mills_2024_Pens…).

What options are available to employees of General Mills, Inc. if they experience a change in their employment status after being vested in the BCTGM Retirement Plan, and how might this impact their future retirement pensions? This question prompts discussion on the plan's provisions regarding reemployment and what employees should be aware of when considering changes to their employment status.

Impact of Employment Status Changes on Pension: If an employee's status changes after being vested in the BCTGM Retirement Plan, such as leaving the company, they may still be entitled to pension benefits. The plan outlines provisions for reemployment and how prior service years are counted toward future pension calculations. Employees who are reemployed may have their previously earned service restored(General_Mills_2024_Pens…).

How does the BCTGM Retirement Plan at General Mills, Inc. work in conjunction with Social Security benefits, and what should employees be aware of regarding offsets or deductions? This can encompass the interplay between corporate pension plans and governmental benefits, which is critical for employees to plan their retirement effectively.

Coordination with Social Security Benefits: The BCTGM Retirement Plan operates in addition to Social Security benefits. There are no direct offsets between the pension and Social Security benefits, meaning employees receive both independently. However, employees should be aware of how the timing of drawing Social Security and pension benefits may affect their overall financial situation(General_Mills_2024_Pens…).

What steps must employees of General Mills, Inc. take to initiate a claim for benefits under the BCTGM Retirement Plan, and how does the claims process ensure fairness and transparency? A clear comprehension of the claims process is essential for employees to secure their pension benefits. This question encourages exploration of the procedures in place to assist employees in understanding their rights and options.

Claiming Benefits under the BCTGM Retirement Plan: Employees must terminate employment before claiming their BCTGM Retirement Plan benefits. The claims process involves submitting the required forms, and employees must ensure they provide all necessary documentation for a smooth process. The pension is generally paid monthly, with lump-sum options available under specific circumstances(General_Mills_2024_Pens…).

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Retirement Benefit Formula: The retirement benefit formula is calculated based on the years of Benefit Service and a defined benefit level. As of 2024, for each year of Benefit Service, employees receive $87 per month (increasing to $88 after June 1, 2025). Planning for retirement involves considering how long they will work and the benefit level in place at the time of retirement(General_Mills_2024_Pens…).

What additional resources or support does General Mills, Inc. provide to assist employees in planning their retirement and ensuring they make the most of their benefits offered under the BCTGM Retirement Plan? Understanding the tools and resources available can empower employees to take proactive steps in managing their retirement plans effectively.

Resources for Retirement Planning: General Mills offers resources like the Benefits Service Center and online portals (e.g., www.mygenmillsbenefits.com) to assist employees with retirement planning. These tools help employees understand their benefits, calculate potential payouts, and explore options for maximizing their retirement income(General_Mills_2024_Pens…).

How can employees contact General Mills, Inc. for further information about the BCTGM Retirement Plan or specific queries related to their retirement benefits? This question is crucial so employees know the appropriate channels for communication and can seek clarification on any concerns they may have regarding their retirement planning.

Contact Information for Plan Inquiries: Employees can contact General Mills for more information about the BCTGM Retirement Plan through the Benefits Service Center at 1-877-430-4015 or visit www.mygenmillsbenefits.com. This contact provides direct access to support and answers to questions about their retirement benefits(General_Mills_2024_Pens…).