Taking the New Tax Law into Consideration While Estate Planning
Some people delayed estate planning until the 2017 tax law was passed because there were many potential changes that promised to impact these decisions. For estate planning purposes, the most significant part of the tax law is that it increases the amount that each person is able to pass on free of federal estate estate, with the amount raising from $5.49 million to $11.2 million. While the tax law, which is also referred to as the Tax Cuts and Jobs Act, will help many taxpayers avoid ever paying a federal estate tax, it is still important to engage in sufficient estate planning. The goal of estate planning is often to make sure that you have a thorough and detailed estate plan prior to becoming incapacitated. In consideration of these recent changes to the tax law, there are some important steps that people should take to make sure that their estate plan goals are achieved. While the tax law is complicated, this article will review just some of the most important steps that a person should take. Keep Beneficiary Designations Up to Date Beneficiaries can be named on a variety of estate planning documents including 401Ks, IRAs, and life insurance. There Read More