With the election coming up, it may be a good time to review and work to implement any changes necessary to your estate plan. This article by The National Law Review suggests that while no major changes would take place if Republicans are in control of the White House, Senate, or House of Representative. However, if Democrats take control of all three, there would likely be a reduction in the current federal gift and estate tax exemption of $11.58M.
These possible changes do not mean that everyone needs to do something now to prepare. Everyone’s own situation is different and you may not be affected at all. If you would like to find out more and review your estate plan with experienced advisors, contact Rhodes Law Firm today. You can expect a tailored plan for your unique situation.