(Keep in mind this is for federal legislation – states will vary according to their individual estate tax legislation.)
In actuality, estate planning has many more benefits than minimizing taxes on an individual’s estate.
A few of the benefits of having a solid estate plan - benefits that I have touted in various of my articles are:
Privacy when using a trust as part of your estate plan
Planning for the possibility of your incapacity
Planning for a special needs individual and for minor children
Protection of your heirs from creditors
Assuring that your beneficiaries are taken care of according to your wishes
Planning for the future of a small business – along with legacy planning
Making sure that your assets are apportioned according to your wishes
Utilizing assets as part of a ‘gifting’/philanthropy plan
Formulating your final wishes
Protecting your digital assets
Avoiding Probate
Remember that recent legislation, as with all tax legislation, is temporary. Future administrations have the potential to change tax codes.
No doubt, reviewing an existing estate plan in view of changes in any recent tax legislation is a good idea.
Developing an estate plan that can address any changes in the future and protect your assets is what estate planning offers.
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