While estate planning certainly involves the drafting of documents, the important part is the thinking about the best course of action to benefit our family members, ourselves, and the causes we hold dear.
The 2017 Tax Cuts and Jobs Act had doubled the amount for paying estate tax. Now that advantage is dur to expire in 2025, dramatically reducing the tax exemption. While only high not clients will be directly affected, all clients need to review their estate and tax planning.
Big conversations about money and estate planning need to take place between – and among – grandparents, parents, and children. Family conferences make settling elders’ affairs much simpler and help avoid bitter misunderstandings.