Estate planning can be overwhelming for anyone, but for high net-worth folks it is important to regularly update your estate plans to ensure your strategy is still appropriate.
Since we are in a new presidential administration, it’s wise to review your existing plan soon due to proposed new law changes. This article by the South Florida Business Journal offers insight on the proposed changes to the federal gift, estate, and generation-skipping transfer tax exemptions and how it may affect estate planning.
Essentially, if the estate tax is reduced in the near future, a much greater number of people would now be subject to estate tax. Therefore, according to the article, individuals and families will need to consider whether gifting in the remainder of 2021 makes sense in their situation.
Whether you need information on the benefits of spousal planning or you are weighing your options regarding holding assets until death, our team at Rhodes Law Firm is here to help guide you through the many legislation changes to come.
Contact Rhodes Law Firm today to see what is best for you.