Politics Shouldn’t Impact Your Estate Planning Decisions
Politicians generally have different ideas about how much people should pay in taxes. This is generally true when it comes to gift taxes paid while still alive and estate taxes paid after an individual passes away. However, it is generally not a good idea to allow possible changes to the tax code to alter your thinking as it relates to creating a plan that meets your needs.
The Estate Planning Process Should Already Be a Flexible One
Ideally, you will create wills, trusts or other plan documents in a way that allows them to be as flexible as possible. As part of your estate planning process, it may be possible to create a trust that you gift money or other assets to. You may also be allowed to name yourself the beneficiary of that trust, which allows you to retain access to the assets inside of it while still holding them outside of your estate. This can be ideal because you’ll minimize a potential tax bill without compromising your financial stability.
Tax Changes May Never Come to Pass
There is a chance that a proposed change to the estate tax code may never come to pass. For instance, a politician may say that he or she will reduce the estate tax exemption if elected. However, the idea may not have enough support to get through the legislative process. Therefore, you could be making preemptive changes to your estate plan that don’t actually help you in the future.
Obtaining Professional Help Is Usually a Good Idea
It is generally in your best interest to talk with an estate planning attorney in Las Vegas or other professionals about your estate plan. After your plan has been created, it is also a good idea to review it at least once a year. A review can be done on your own or with the assistance of a trusted adviser.