Many people had hoped that President Trump’s tax reform bill would lead to the end of the estate tax. That proved to be too expensive for the government to include in the bill. However, the estate tax exemption limits were doubled.
While that is not as good as many wealthy families had hoped, it is still a benefit for some wealthy people. There are some things to think through before changing your estate plan as a result of the new law, as Forbesdiscussed in “What the Wealthy Should Consider Because Of The Higher Estate Tax Exemption Levels.”
The first thing to consider is that you might not want to do anything.
Many experts believe the exemption levels will revert to their previous level in the future. Younger and healthier people might not want to change their plans now, if they anticipate that they will just need to be changed again in the near future.
That could be a waste of time and money.
Other people will want to see their elder law attorneys. If you have included expensive and complicated ways to account for the estate tax in your estate plan, they may no longer be necessary, and your estate plan can be simplified.
People who pay expensive life insurance premiums to help their estates pay for the estate tax, might consider whether they still want to pay those premiums.
Reference: Forbes (Jan. 15, 2018) “What the Wealthy Should Consider Because Of The Higher Estate Tax Exemption Levels.”
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.
Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!
I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!