By now you’ve heard that Congress has acted to change the tax law. Tax rates were lowered and Federal estate tax exemptions were increased. The law is set to sunset in a few years, but that may be one reason that planning is more important than ever.
To summarize the ‘new’ tax law, here are the major provisions…
- Federal gift, estate and generation skipping tax exemptions are over $11 million per person adjusted for inflation.
- Married people can take advantage of higher exemptions, and with careful counsel could be entitled to over $22 million in exemption
- Portability or the ability of a spouse to use the unused portion of their deceased spouse’s exemption
- The gift tax annual exclusion is $15,000 per person per year
However, proper planning still affords certain protections for your legacy. For example…
- making sure you pass assets the way you want
- protecting the assets for the family in case of disability
- protecting the assets from irresponsible children, a child’s creditors or a child’s divorce
- providing for those we care about who have special needs
- protecting a client’s assets from their creditors and unjustified litigation
- ease of administration after someone passes
- avoiding capital gains taxes on half your estate
and possibly most of all…
- capturing and treasuring your true Legacy and the impact you can have on your loved ones
Get the counsel you need to make sure that everything is done the way you want and take the time to preserve those things that mean the most to you and your loved ones.