![]() Similarly, those considering business succession planning of a family business may want to consider that transition sooner than later. Those with Trust-based estate plans may opt for creating new Trusts, or modifying existing Trusts through an amendment or restatement while it is still possible to do so to update your estate planning. In addition, you may want to consider contacting your financial advisor or accountant to take advantage of tax planning, and the window of opportunity to make gifts before the end of the year if you have not already exhausted your exemption amounts, and/or make contributions to your IRA, or other retirement account funds while you still have time.įor example, this year you can still gift up to $11.7 million without incurring any inheritance tax, and the assets would be removed from your taxable estate. If you have not already, it is important to review your estate plans to ensure your estate planning will work the way you want, especially with the potential end-of-the-year changes from the BBBA, which only needs a simple majority to pass. This “reconciliation bill,” known as “ The Build Back Better Act ” (BBBA) could make major changes that impact estate planning, including, but not limited to, huge policy changes in gift, tax, capital gains, and even surtaxes. Also, you may have heard that Congress is debating major changes to estate tax and gift tax laws. Without any estate planning, heirs may lose life insurance payouts, tax deduction advantages, or even miss accounts they did not know existed which will go to the state’s unclaimed property department. Whether you own a little or a lot, the last thing you want to do to your loved ones is leave a mess of paperwork and inaccessible online accounts if you become temporarily ill, incapacitated, or when you pass away.
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