With the new tax law in effect, you need to review many parts of your life. For example, this could have an impact on your estate plan.
While you could ignore the new law and hope for the best, this isn’t the right approach. Instead, you need to review your estate plan as to determine if you should make any immediate changes.
When doing so, here are five questions you need to answer:
- Will the new federal law have any impact on my estate plan?
- Will the law change the way I leave my assets behind to loved ones?
- What is the impact of the federal changes on my state estate tax?
- Are there any new forms of estate planning that could better my situation?
- How soon does it make sense to make changes to my estate plan?
These are not the only estate planning questions to answer as a result of the new tax law, but you definitely want to keep them in mind.
At our law firm, we know that any tax law change can throw people for a curve. Fortunately, we’re doing whatever it takes to help our clients review their estate plans and make the necessary changes. This is better than the alternative of standing still and hoping that everything works out in the end.
It’s a good idea to review your estate plan at least once a year. This is even more so the case in 2018 with the new tax law in place. The sooner you review your plan, the better you’ll feel about the future.