Tax reform and other challenges to estate planning efforts

Estate planning is an important step for most Florida readers. Despite what many people think, this is not only for people with valuable assets and significant wealth but for people of all income levels. Having even a simple estate plan in place can ensure you have control over what happens to your assets and minimize problems with your beneficiaries.

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There can be many issues with estate planning, and some of these challenges may prevent you from moving forward with important plans. If you do not have an estate plan or you need to update existing plans, you have no time to lose in having the necessary protections in place. This can help you have peace of mind about your future financial interests.

How will changes to laws affect your estate plan?

Recently passed tax reform measures could affect estate plans, and many people are concerned about how this will impact their individual plans. Any tax law changes could affect estate plans, but those are not the only issues that could present challenges. In fact, most estate planning professionals agree that family conflict is the main issue.

It is too early to determine how tax reform will ultimately impact estate planning. Many professionals think that there are aspects to the act that could be quite beneficial for their clients. Consider the following:

  • The tax reform measures could provide people with the opportunity to reduce their transfer taxes in the future.
  • Many estate planning professionals think that new estate tax measures could be good for people drafting estate plans.
  • There are also generation-skipping taxes and gift tax updates that could prove beneficial.

In addition to how tax reform could possibly necessitate changes to estate plans, most estate planning professionals agree that naming guardians and beneficiaries are the most challenging parts of estate planning.

Navigating difficult estate planning challenges

Estate planning is complex, and it can be an emotionally challenging process. It is not easy to plan for the future and make particularly important decisions that will affect your family, but you may find it helpful to seek guidance as you do so.

From new tax laws to naming your beneficiaries, there are many challenges that can make estate planning difficult. If you do not have a plan in place or you have not updated your plan after significant life changes, you have no time to lose. You worked hard to build your estate, and you are entitled to deciding what happens to it.

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